• Tuesday, May 28, 2024
businessday logo


Patrons’ director says Nigeria misses out on $13bn arts industry


Keturah Ovio, co-director of Patrons MCAA, an arts advisory and dealership firm, has highlighted that Nigeria is missing out on a significant annual revenue opportunity of up to $13.2 billion in the arts industry due to a lack of investment and the absence of conducive policies to drive sector growth.

Ovio emphasised that this potential revenue of $13.2 billion represents a mere three percent of Nigeria’s total gross domestic product (GDP), which stands at $440 billion. She firmly believes that achieving this figure is both feasible and attainable.

Speaking at an event to announce the forthcoming Small & Iconic Miniature Arts Exhibition scheduled to run from September 30 to October 15 in Lagos, Ovio pointed out that international experience demonstrates the substantial economic contributions that the arts industry can make to a country’s GDP, ranging from two to ten percent.

Drawing on examples, she cited France, where the arts sector contributes two percent to the GDP and employs 600,000 individuals, as evidence of how a thriving arts sector can bolster an economy. Ovio also highlighted South Africa, where the visual arts and crafts sector contributed an impressive 15 percent to the country’s GDP in 2020, while in Nigeria, arts, entertainment, and recreation only contributed a meagre 0.21 percent to the GDP in the second quarter of 2023, up from 0.16 percent in the corresponding period of 2022.

Read also: Patrons MCAA upcoming miniature art exhibition to boost industry growth

Ovio expressed optimism by comparing Nigeria’s potential to Kenya’s arts and creative industries, which contribute five percent to the GDP. She asserted that achieving three percent, a conservative estimate, is certainly within reach for Nigeria.

To harness this untapped potential, Ovio stressed the urgent need for substantial investments in the arts industry, emphasising that this is what GDP growth is all about. She revealed that the 15-day art exhibition will be hosted at The Art Hotel in Lagos.

The exhibition will showcase the talents of five artists from diverse backgrounds: Cameroon, Nigeria, South Africa, Rwanda, and France. Each artist brings a unique style and perspective to the event, using various mediums and techniques such as woodwork, acrylic, oil on canvas, mixed media, and multimedia. Ovio promised that visitors can anticipate a sensory feast and a celebration of African creativity.

The featured artists include Lambert Shumbusho (Rwanda/France), Abrifor Silas (Nigeria), Justine Gaga (Cameroon), O’Dare Adenuga (Nigeria), and Thabiso Dakamela (South Africa).