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Nigerians urged to transform creativity into economic prosperity

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Nigerians have been urged to utilise their creativity and develop innovative ideas that will foster growth and development in the country.

Aisha Abubakar, minister of state for industry, trade and investment, said, “The Nigerian creative industry has the fastest growth rate in the world. It has seen a period of rapid growth spurred by emerging digital technology, which supports content creation, distribution and consumption for the growing middle class in Nigeria and most of sub-Saharan Africa as well as supporting industries, which are rapidly evolving.”

Speaking at the maiden edition of the Creative Entrepreneurs Summit hosted by the Creative Business Cup, Abubakar, who was represented by Adewale Bakare, director at the Federal Ministry of Industry, Trade and Investment, said that although the Nigerian creative sector has been able to record giant achievements, including international partnerships with little government intervention, the incumbent administration has made various efforts to provide an enabling environment as well as the necessary funds needed by the sector.

She said Nollywood is the second biggest employer in Nigeria engaging over a million persons, according to the International Monetary Fund. The film sector was seen to contribute 1.42 percent to the economy, she said.

“By 2016, the film industry sector contributed 2.3 percent (N239 billion) of Nigeria’s Gross Domestic Product (GDP). As a result of the industry’s financial potential and job creation capacity, the industry became a focus for interventions, investments, and partnerships.”

“Nigeria’s music industry grew by 9 percent in 2016 to reach a value of 39 million dollars, and is set to grow by 13.4 percent CAGR by 2021, with an estimated worth of about $73 million. This says a lot about the lucrativeness of the industry, as well as the enabling environment it provides for all genres to thrive.”

Outlining opportunities in the sector, she added that there is still room to develop innovative ideas and creativity amongst Nigerians in line with global trends.

“According to the Terragon Group, Nigeria continues to grow exponentially in digital media adaptation and technology use. Also, the adoption of digital media presents great opportunities for businesses.”

“UNICON Industry Fact Sheet estimates the global market for video games, e-sports, animation, and VFX as falling between $150 and $254 billion depending on market segmentation. With a mobile penetration rate of 84 percent, the Nigerian tech market is yet to be fully exploited.”

Jesper Kemp, Danish ambassador to Nigeria, said there is a need for Nigerians to become more innovative and creative in line with global trends, in order not be left out in the change and growth process.

Kemp, who was represented by Per Christensen, consul-general of Denmark in Lagos, added that the population of Lagos increases per hour with no fewer than eight persons migrating into the heart of the country in search of greener pastures Thererefore, there is a need to develop innovations and better infrastructure to accommodate and serve the growing population,he said.

He stated that creativity, invention and innovation in Denmark is seen as a public-private partnership and is recognised that the government has to make efforts in promoting healthy competitions by investing in each innovation or creative idea, advising that Nigeria should follow suit, considering that there are many creative and innovative ideas birthed in the country.

He further advocated for more political participation among Nigerian citizens, especially youths, who he regarded as the future of the country.

Peter Bamkole, director, Enterprise Development Centre, while giving his address of welcome, said that it is sad that although many Nigerians have creative ideas to move the country forward, most of them do not have the capacity to develop and implement their ideas into something sustainable. He explained that GEM has been able to reach out and help develop some of these ideas, encouraging participants at the summit to embrace creativity and utilise it judiciously for the benefit of themselves and the country in general.

Sola Babatunde, founder, OSC School of Fashion, advised entrepreneurs to engage in capacity development and as well in available self-development programmes in order to ensure sustainability in their business. She further advised employers to cater to the welfare of their staff and take steps in developing their abilities in order to ensure their loyalty, effectiveness and efficiency.

The Creative Entrepreneurs Summit is an annual event that brings together all wealth creators and entrepreneurs in the creative industry. This programme is part of the Creative Business Cup Nigeria and the flagship programme of the Global Entrepreneurship Network Nigeria.

 

Gbemi Faminu

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