Business
FG Reveals Plan For Nigeria’s Creative Economy
The Federal Government through the Ministry of Art, Culture and Creative Economy, has disclosed a plan to grow Nigeria’s creative sector.
Minister of Art, Culture and Creative Economy, Hannatu Musawa, stated this in an eight-point plan via a video message to the creative Industries and stakeholders.
The Minister stated that a strong creative and cultural economy is a key driver of growth and presents an opportunity to accelerate Nigeria’s development on a local and a global stage.
“The creative economy is an economy of ideas, innovation, and invention in the digital age. The scope of this sector is extensive and encompasses the production and distribution of ideas, goods and services that are the result of human creativity, skill, and talent across all aspects of Nigerian culture.
“We have created a comprehensive eight-point plan that will deliver our collective vision for this sector”, she stated.
Musawa explained that the Nigeria Destination 2030 is a national initiative designed to grow the arts, culture and creative economy under one united vision.
She noted that “skills development will be prioritised through comprehensive training programs to ensure all professionals within the economy are well-prepared to excel in their respective fields.
“Also, we will fastrack the improvement, creation and implementation of policy frameworks that effectively stimulate increased revenue generation, job creation, and sustainable growth across the entire sector”.
She continued that, “our team is developing a comprehensive and effective strategy for the arts, culture, and creative economy; we are set out to facilitate the creation of Public-Private partnerships that will stimulate investment in the creative economy and expedite the development of critical infrastructure, technology, and innovation hubs”.
Musawa further disclosed that, “our ambition to elevate the Nigerian industries, comprising Art, Culture & Creative industries to rank among the top 20 globally in terms of GDP contribution, wealth creation, employment, and poverty reduction is in line with the agenda 2050 and to create enabling business environments.
“under the renewed hope agenda of the presidency, we will provide the tools needed to accelerate growth across all creative economy sectors.
“We have multiple initiatives and projects planned such as creative hubs, a Nigeria cultural expo, a national entertainment centre, a national art gallery, innovative publishing partnerships and a gaming sandbox project. We are building a global standard film festival, a culinary academy led by a Michelin star chef and a fashion foundry”.
Edun made the call while speaking at the 2025 Fellowship Investiture of the Chartered Institute of Bankers of Nigeria (CIBN) in Lagos, where he reaffirmed the federal government’s commitment to sustaining ongoing reforms and expanding access to finance as key drivers of economic growth beyond four per cent.
“We all know that monetary policy under Cardoso has stabilised the financial system in a most commendable way. Of course, it is a team effort, and those eye-watering interest rates have to be paid by the fiscal side. But the fight against inflation is one we all have to participate in,” he said.
The minister stressed the need for banks to broaden credit access and finance innovation-driven enterprises that can create jobs for young Nigerians.
“The finance and banking industry has more work to do because we must finance their ideas, deepen the capital and credit markets down to SMEs. They should not have to go to Silicon Valley,” he said.
The minister who described the private sector as the engine of growth, said the government’s reform agenda aims to create an enabling environment where businesses can thrive, access funding, and contribute meaningfully to job creation.
The facility, known as the Nigeria Actions for Investment and Jobs Acceleration (P512892), is a Development Policy Financing (DPF) operation scheduled for World Bank Board consideration on December 16, 2025.
According to the Bank’s concept note , the financing would comprise $500m in International Development Association (IDA) credit and $500m in International Bank for Reconstruction and Development (IBRD) loan.
If approved, it would be the second-largest single loan Nigeria has received from the World Bank under President Bola Tinubu’s administration, following the $1.5 billion facility granted in June 2024 under the Reforms for Economic Stabilisation to Enable Transformation (RESET) initiative.
The World Bank said the new programme aims to support Nigeria’s shift from short-term macroeconomic stabilisation to sustainable, private sector–led growth.
“The proposed Development Policy Financing (DPF) supports Nigeria’s pivot from stabilization to inclusive growth and job creation. Structured as a two-tranche standalone operation of US$1.0 billion (US$500 million IDA credit and US$500 million IBRD loan), it seeks to catalyse private sector–led investment by expanding access to credit, deepening capital markets and digital services, easing inflationary pressures, and promoting export diversification,” the document read.
The document further stated that Nigeria’s private sector credit-to-GDP ratio stood at only 21.3 per cent in 2024, significantly below that of emerging-market peers, while capital markets remain shallow, with sovereign securities dominating the bond market.
To address these weaknesses, the DPF will support the implementation of the Investment and Securities Act 2025, operationalisation of credit-enhancement facilities, and introduction of a comprehensive Central Bank of Nigeria rulebook to strengthen risk-based regulation and consumer protection.
The operation also includes measures to deepen digital inclusion through the passage of the National Digital Economy and E-Governance Bill 2025, which will establish a legal framework for electronic transactions, authentication services, and digital records.
Beyond the financial and digital sectors, the programme targets reforms to lower production and living costs by tackling Nigeria’s restrictive trade regime. High tariffs and import bans have long driven up consumer prices and constrained competitiveness, particularly for manufacturers and farmers.
Under the proposed reforms, Nigeria would adopt AfCFTA tariff concessions, rationalise import restrictions, and simplify agricultural seed certification to increase the supply of high-quality varieties for maize, rice, and soybeans. The World Bank projects that these measures will help reduce food inflation, attract private investment, and enhance export potential.
The operation is part of a broader World Bank FY26 package that includes three complementary projects—Fostering Inclusive Finance for MSMEs (FINCLUDE), Building Resilient Digital Infrastructure for Growth (BRIDGE), and Nigeria Sustainable Agricultural Value-Chains for Growth (AGROW)—all focused on expanding access to finance, strengthening institutions, and mobilising private capital.