Nigeria’s creative industry holds the potential to emerge as the country’s largest export sector and contribute an estimated $100 billion to Nigeria’s Gross Domestic Product (GDP) by 2030.
This promising outlook was revealed in Lagos on Monday by Ramin Toloui, the Assistant Secretary for the Bureau of Economic and Business Affairs at the U.S. Department of State.
Speaking to members of the creative community in Lagos, Toloui emphasized that the industry could also play a pivotal role in creating approximately 2.7 million jobs by 2050 and addressing the employment needs of Nigeria’s burgeoning youth population.
The global importance of the creative sector is evident, with the cultural industry accounting for 3.1 percent of the world’s Gross Domestic Product (GDP).
According to the UN Conference on Trade and Development, the creative industries collectively generate over $2 trillion in annual revenues and offer nearly 50 million jobs worldwide.
Toloui applauded the remarkable growth of Nigeria’s creative sector, emphasizing the increasing collaborations between American and Nigerian talents.
He specifically highlighted the growing interest of American actors in Nigerian cinema and the rising trend of Nigerian music artists partnering with their American counterparts.
This burgeoning demand has not only led to increased exports of African content through digital streaming platforms and international tours but has also sparked a surge in investments from African-based investors in early-stage creator economy startups.
The creative industry’s upward trajectory is positioning it as a pivotal player in Nigeria’s economic landscape.