Report by Bello Wakili; Editing by Basirat Memudu
The Federal Executive Council has approved a bold new initiative to unlock the economic potential of Nigeria’s cultural, creative, and tourism sectors, with the goal of generating $100 billion by 2030.
Minister of Art, Culture, Tourism and the Creative Economy, Hannatu Musawa, revealed this during a post-council briefing, describing the plan as a strategic shift to convert both tangible and intangible cultural assets into economic value.
According to her, the initiative involves a partnership between her ministry and the Ministry of Finance Incorporated (MOFI) to monetize and securitize Nigeria’s rich cultural resources.
She said the assets range from physical heritage such as monuments and artifacts to intangible cultural expressions like native languages, traditional foods, fashion, and folklore.
“Nigeria’s cultural wealth is vast, and this framework allows us to reinvest that value directly into local communities and the broader economy,” Musawa said.
The initiative includes a structured four-stage process to identify, assess, and commercialize cultural assets currently housed in various federal institutions.
She noted that the plan also aims to create two million new jobs in the creative and tourism sectors by 2027.
Among the cultural elements to be monetized are collections in federal museums, iconic artworks, historic sites, traditional fabrics like Adire, and popular local foods including Ijebu garri.
These, the Minister said will be leveraged through existing agreements with stakeholders, including Moby, a key government agency in the project.
“This goes beyond economic policy—it’s a cultural revival. We’re building a system that benefits Nigerians while preserving our heritage, all without placing extra strain on the national budget,” Musawa added.
In a related development, Minister of Labour and Employment, Alhaji Maigari Dingyadi, announced FEC’s approval of an updated National Employment Policy.
He explained that the policy, which had been under review for six years, has been revised to reflect current socioeconomic realities and provide effective strategies to combat unemployment and poverty.
“This policy is essential to labour development. Its revision is a key step toward creating meaningful job opportunities for Nigerians,” Dingyadi noted.
He said the renewed employment strategy will be presented at the upcoming International Labour Organization (ILO) meeting in Geneva, showcasing Nigeria’s model for employment-driven economic reforms.
