The Minister of Art, Culture, and Creative Economy (FMACCE), Hannatu Musawa, has announced that a Special Purpose Vehicle (SPV) is being developed by her ministry to build performance arenas in Abuja and Lagos State.
She made this announcement during the Office of the Vice President of Nigeria’s ‘2024 End of the Year Economic Review Technical Workshop‘ at the Banquet Hall in Abuja, which was attended by Nairametrics analyst.
She explained that the planned stadium-sized arenas are part of the infrastructure and strategies aimed at expanding the country’s Gross Domestic Product (GDP) by 2030.
The minister lamented that there is no stadium or stadium-like performance arena in Nigeria where renowned global and local artists can perform.
She added that this is why many artists prefer to host their events in other countries, including Ghana.
Ministry’s Strategies Aimed at Boosting Nigeria’s Economy
Giving a status update on her ministry, she mentioned that the focus is on infrastructure through which financial inflows into the economy will be generated.
- She cited the unavailability of stadiums or arenas specifically for hosting performers or entertainers.
“So, people talk about Afrobeats, which is Nigerian, right? Of course, we all know Fela Kuti and the great things that he and his compatriots have been able to do.
“But as a Nigerian, you are unable to watch a Nigerian artist perform Afrobeats in a stadium in Nigeria because there’s no stadium in Nigeria, no arena for them to perform in. So, you have to travel to Ghana or Rwanda,” she said.
- She revealed that her ministry is developing an initiative that will be forwarded to the Federal Executive Council (FEC), which will allow for the creation of stadium-like arenas to host performance events, similar to those in other countries.
“So, we’re working on an initiative that we’ll be taking to the Federal Executive Council, which will give us the ability to set up a special purpose vehicle to build this infrastructure.
“And I think within the next couple of weeks, we’re going to announce an arena that we’re going to build right in the middle of Abuja, so you can have the likes of Beyoncé and Burna Boy performing here, and an arena in Lagos,” she said.
- She also added that the ministry is looking to expand the museum sector to maximize its economic value.
- These efforts, she said, are part of a holistic strategy to bring tourism to Nigeria while promoting the country internationally as a tourist destination.
She expressed her appreciation to President Bola Tinubu for approving the diversification of the nation’s economy away from its primary source of growth—petroleum—and toward other key areas, such as the digital and creative economy, as well as the green, blue, and gas economies.
What You Should Know
According to the National Bureau of Statistics, Nigeria’s creative economy contributes very little to the overall GDP compared to benchmark countries.
- In 2022, the industry contributed just 1.2% to Nigeria’s GDP, the lowest among African countries such as Morocco (2.7%), South Africa (3.0%), and Egypt (4.3%).
- It also ranked low (1.0%) in its ability to earn government revenue from the sector, compared to South Africa’s 12.5%.
- Nevertheless, Nigeria’s creative industry has grown significantly in recent years, primarily driven by music (Afrobeat) and movies (Nollywood).
- Nigerian music artists have seen their songs top global charts, generating billions in online streams.
- Additionally, the Nigerian movie industry (Nollywood) has become the second most productive film industry globally, only behind India’s Bollywood in terms of the number of movies produced annually.
The recent growth of the creative industry is fueled by Nigeria’s large, young population and its multicultural environment.
With over 70% of its 210 million people under 30 years old and around 250 tribes speaking 500 languages, Nigeria is a melting pot of cultures, creating the perfect environment for creativity to flourish.
This year, Musawa revealed plans to generate at least $100 billion annually and create over two million jobs from Nigeria’s creative economy.