Business
Promoting Job, Wealth Creation Via Creative Industry
By most accounts, creative industry refers to a range of economic activities that are concerned with the generation or exploitation of knowledge and information.
It is a broad domain in which activities related to creative works’ design or production are carried out. Etymologists, however, maintain that term creative industry is synonymous with entertainment industry.
David Parrish, a creative industry management consultant, describes creative industry as “business with creativity’’.
Creative industry, according to him, comprises design, music, publishing, architecture, film and video, crafts, visual arts, fashion, television and radio services, advertising, literature, computer games as well as performing arts.
However, the United Nations Conference on Trade and Development (UNCTAD) describes the “creative economy’’ as an emerging concept, which deals with the interface between creativity, culture, economics and technology in a contemporary world dominated by images, sounds, texts and symbols.
UNCTAD adopted a pragmatic approach in promoting creativity and innovation in Africa in 2008 when it organised a conference on the subject in Accra, Ghana, on April 2008.
The UNCTAD report on the status of the world’s creative industry affirms that the creative industry is one of the most dynamic sectors of the economy that is capable of creating jobs and wealth for the people.
It states that the sector provides new opportunities for developing countries to leapfrog into emerging high-growth areas of the world economy.
Moreover, the UK Department for Culture, Media and Sports says that creative industry originates from the people’s creativity, skills and talents, which all have the potential for creating wealth and jobs via the exploitation of the intellectual property.
These enlightened opinions tend to reinforce existing viewpoints that a well-harnessed creative industry has the potential of kick-starting the economic growth of many countries and empowering millions of people across the world.
Industry experts insist that there is no ceiling in efforts to harness the potential of the creative industry of any nation.
Nevertheless, Mr Afam Ezekude, the Director-General of the Nigerian Copyright Commission (NCC), said that the intrinsic qualities of Nigeria’s creative industry could only be harnessed if the stakeholders resolved to do the right things in the right way.
In his remarks at the National Creativity Day Celebration in Abuja in April, Ezekude stressed that the NCC was carrying out a comprehensive study of the country’s creative industry so as to ascertain the exact worth of the sector in terms of job creation.
He noted that the preliminary findings of the study indicated that the film sector alone was capable of contributing N45 billion to the national economy if the potential of the sector was properly harnessed.
“There are strong indications that the projected N1 trillion-per-annum revenue from the sector could be exceeded.
“We are working in concert with the World Intellectual Property Organisation (WIPO) in the study to ascertain the value of the creative industry in our economy.
“From our preliminary findings, however, the film sector can contribute N45 billion to the economy, the software sector can contribute N250 billion; publishing sector, N100 billion; music, N80 billion; broadcasting, N25 billion; advertising, N20 billion, while ICT, textiles and jewellery can contribute N100 billion.
“This, in essence, means that the sector currently contributes less than 5 per cent of the projected sum to the nation’s economy,’’ he said.
“Therefore, it can aptly be deduced that the creative industry holds the key to the transformation of the economies of developed and developing countries of the world,’’ he added.
Ezekude, nonetheless, voiced concern about some factors that were hindering the growth of the creative sector; saying that the copyright laws of many developed and developing countries were weak, inefficient or non-existent in some cases.
“In Nigeria, for instance, the framework for the regulation and protection of intellectual property is weak and I have, on different occasions, drawn the stakeholders’ attention to this defect.
“The existing laws are not stringent enough to deter pirates from infringing on the rights of copyright owners in the country; there is the need to strengthen the laws.
“For example, N250, 000 is the highest fine ever imposed by a court in a single copyright infringement case in the history of the commission’s prosecution efforts.
“Other punishments, depending on the charges, attracted at most, six months jail for a copyright infringement and these penalties are too weak to deter potential bandits from perpetrating product piracy or counterfeiting,’’ he said.
Besides, Ezekude emphasised that the lack of prioritisation of copyright matters in Nigeria’s national development plans was another major factor inhibiting the development of the creative sector.
He conceded that the factor particularly contributed to problems such as limited financial and infrastructure resources, manpower constraints and inadequate public awareness.
“The uncooperative attitude of some stakeholders; slow judicial processes and weak border controls to check importation of pirated works were some of the factors hindering the growth of the creative industry,’’ he said.
Ezekude stressed that the existence of more than 15 product-replicating plants across the country underscored the need to urgently put in place an effective protection framework.
However, many stakeholders believe that Nigeria can derive a lot of economic benefits from the creative sector with the legendary exploits of writers such as Prof. Wole Soyinka and Prof. Chinua Achebe in the literary world.
They, however, bemoan the fact that the rich resources of the country’s film and music industry, pottery and earthenware as well as arts and crafts are not fully utilised for national development.
Mrs Clarah Dapira, an expert in creativity and rural development, said that many developing countries such as Thailand had adopted the creative industry as an alternative means of eliminating poverty at the grassroots.
She said that Thailand got the idea from Japan, as the Japanese government initiated the poverty eradication strategy in 1979.
“The approach is being replicated by many Asian countries such as Cambodia, Malaysia and Thailand. Some African countries such as Malawi and Ethiopia have also adopted the strategy,’’ she said.
All the same, Ezekude said that Nigeria could develop and maximise the potential of its creative sector if an effective protection and regulatory framework was put in place to protect creative works from unauthorised users.
He stressed that efforts should be made to foster the growth of the country’s creative industry via purposeful legislation which would give the regulatory authorities the powers to curtail the aberrant activities of pirates.
Ezekude also underscored the need for more efficient and speedy judicial process in Nigeria, while ensuring stricter border controls to stem the importation of pirated works.
However, Mr Mike Akpa, NCC’s Director of Legal Services, said that the commission was making extra efforts to check piracy and stamp out imports of pirated products.
He said that apart from its periodic anti-piracy raids, the commission had also signed an agreement with an ICT company as part of plans to stimulate increased creativity in the industry.
Akpa noted that under the agreement, patent owners of creative works would now earn some money for the use of their works.
He assured all the stakeholders that the NCC would strive to protect the copyrights of inventors of creative works, in line with its zero-tolerance on piracy.
Akpa, nonetheless, stressed that the interests of all the copyright owners of creative works in the country were being promoted by the NCC via effective and decisive measures.
He said that the measures included the Copyright Notification Scheme, which was introduced to allow authors to have credible evidence of their copyrights.
Akpa, however, stressed the need to stimulate the citizens’ participation in programmes aimed at promoting the growth of the creative industry via pragmatic public awareness campaigns
He also urged all the stakeholders to work as a team in ongoing efforts to harness the potential of the creative industry for wealth creation.
Zoho writes for NAN
Jude Zoho
Business
33 Banks Raise N4.65tn As Recapitalisation Ends
The Central Bank of Nigeria (CBN) yesterday said 33 banks have met new minimum capital requirements under its recapitalisation programme, raising a combined N4.65 trillion to strengthen the financial system.
The apex bank disclosed this in a statement marking the end of the exercise, which commenced in March 2024 and drew participation from domestic and foreign investors.
The statement was jointly signed by the Director of Banking Supervision, Olubukola Akinwunmi, and the Acting Director of Corporate Communications, Hakama Sidi-Ali.
The statement said “Over the 24-month period, Nigerian banks raised a total of N4.65tn in new capital, strengthening the resilience of the financial system and enhancing its capacity to support the economy.”
The regulator said local investors accounted for 72.55 per cent of the funds, while international investors contributed 27.45 per cent, reflecting continued confidence in the sector.
Commenting on the outcome, the CBN Governor, Olayemi Cardoso, said in the statement, “The recapitalisation programme has strengthened the capital base of Nigerian banks, reinforcing the resilience of the financial system and ensuring it is well-positioned to support economic growth and withstand domestic and external shocks.”
It added that while 33 banks have complied with the new thresholds, a few others are still undergoing regulatory and legal processes.
The statement noted, “The CBN confirms that 33 banks have met the revised minimum capital requirements established under the programme.
“A limited number of institutions remain subject to ongoing regulatory and judicial processes, which are being addressed through established supervisory and legal frameworks.
“All banks remain fully operational, ensuring continued access to banking services for customers.”
The apex bank stressed that the exercise was executed without disrupting banking operations, ensuring uninterrupted access to services nationwide.
It further stated that key prudential indicators have improved, particularly capital adequacy ratios, which remain above global Basel benchmarks.
The minimum ratios were set at 10 per cent for regional and national banks and 15 per cent for banks with international licences.
The bank also said the recapitalisation coincided with a gradual exit from regulatory forbearance, a move it said improved asset quality, strengthened balance sheet transparency, and enhanced overall stability.
To preserve these gains, the CBN said it has reinforced its risk-based supervision framework, mandating periodic stress tests and adequate capital buffers for banks.
It added that supervisory and prudential guidelines would be reviewed regularly to strengthen governance, risk management, and resilience across the sector.
“The successful completion of the programme establishes a stronger and more resilient banking system, better positioned to support lending, mobilise savings, and withstand domestic and global shocks,” the statement said.
The Tide learnt that foreign capital inflows into Nigeria’s banking sector rose by 93.25 per cent year-on-year to $13.53bn in 2025, up from $7.00bn recorded in 2024, amid the ongoing recapitalisation drive by the Central Bank of Nigeria.
Data from the National Bureau of Statistics capital importation report showed that the banking sector remained the dominant destination for foreign capital, accounting for $13.53bn of the total $23.22bn recorded in 2025, representing 58.26 per cent of total inflows, up from 56.81 per cent in 2024.
The surge reflects heightened investor interest in Nigerian banks as they raised fresh capital to meet new regulatory thresholds introduced by the apex bank, with industry-wide recapitalisation activities driving large-scale inflows across all quarters of the year.
However, the Centre for the Promotion of Private Enterprise (CPPE) recently raised concerns over weak credit flows to small businesses despite recent banking sector reforms.
The CPPE, led by a renowned economist, Dr Muda Yusuf, acknowledged that the ongoing bank recapitalisation exercise by the CBN has strengthened the financial system, but warned that the benefits have yet to translate into meaningful support for the real economy.
Business
SMEs Dev: Firms Launch N100m Loan Scheme
The facility will be disbursed through participating Microfinance Institutions (MFIs), which will in turn extend the loans to their customers, particularly SMEs, as they directly interface with businesses at the grassroots level.
The Executive Director of COMCIN, Mr. Micheal Ogbaa who represented the Chairman, Dr. Iredele Oyedele (FCA, FCCA), said the initiative is designed to strengthen micro-lending institutions and expand access to finance for grassroots entrepreneurs, particularly women and youths in the informal sector.
Ogbaa explained that COMCIN does not lend directly to individuals but works through its network of microfinance and cooperative institutions, which in turn provide loans to end users.
“We came together to advocate for the microfinance ecosystem. Commercial banks often exclude people at the grassroots, but our members are positioned to reach them. This facility will empower them to do more,” he said.
He noted that the loan scheme offers low interest rates and flexible repayment plans, making it more accessible to small business owners.
According to him, about 90 percent of beneficiaries are expected to be women, who play a key role in sustaining families and driving economic activities at the local level.
“Our focus is on traders, service providers, and players in the informal sector. These are the real movers of the economy. By supporting them, we are strengthening families and contributing to national development,” he added.
Ogbaa disclosed that eligible SMEs with proven integrity and business track records could access up to N5 million each through participating micro-lending institutions. The rollout has commenced in Lagos and will extend to Abuja, Enugu, and other regions, including the South-West, South-East, and North-East.
He said 12 micro-lending institutions have already benefited from the scheme, while 85 applications are currently being processed under the pilot phase.
“Our target is to reach at least 100,000 SMEs nationwide. We are building a platform that connects funding partners with credible micro-lending institutions, creating a reliable channel for financial inclusion,” Ogbaa said.
He added that COMCIN is also working to attract larger funding pools from development finance institutions and private investors, noting that successful implementation of the pilot phase would boost confidence and unlock more capital for SMEs.
“We have seen encouraging testimonies from early beneficiaries. As we demonstrate transparency and efficiency, more institutions will be willing to channel funds through us,” he said.
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