Nigeria’s creative industry has the potential to become the country’s largest export sector and contribute an estimated $100bn to Nigeria’s GDP by 2030.
Assistant Secretary for the Bureau of Economic and Business Affairs at the U.S. Department of State, Ramin Toloui, disclosed this while addressing creatives in Lagos recently.
Toloui added that the industry could also provide about 2.7 million jobs by 2050 for the country’s teeming youth population.
“It is simple. The cultural sector alone accounts for 3.1 per cent of global gross domestic product (GDP). The creative industries generate annual revenues of over $2tn and account for nearly 50 million jobs worldwide according to the UN Conference on Trade and Development, and that’s not all.”
Toloui commended the remarkable growth of Nigeria’s creative sector, citing burgeoning collaborations between American and Nigerian talents.
He highlighted the increasing interest of American actors in Nigerian cinema and the rising trend of Nigerian music artists partnering with their American counterparts.
“This rising demand has led to increased exports of African content through digital streaming platforms and international tours, as well as a surge in investments from African-based investors in early-stage creator economy startups,” he said.