Creative industry Nigeria’s next oil, says Lai Mohammed

Nigeria's former Minister of Information and Culture, Lai Mohammed, has identified the nation's creative industry as its "next oil," highlighting its substantial potential to generate employment and drive economic expansion. Mohammed made these remarks in Abuja during a meeting focused on developing strategies to leverage the creative sector for President Bola Tinubu's ambitious target of achieving a $1 trillion economy by 2030.

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I have always said it when I was a minister that our next oil is actually the creative industry – it’s our films, music, gastronomy, fashion, publishing, sports and others.

Mohammed, now the Managing Partner of Bruit Costaud, a consulting firm involved in an upcoming National Summit and Exhibition on the Orange Economy, stressed the need for Nigeria to diversify its economy beyond crude oil. He emphasized that the creative industry, which includes films, music, gastronomy, fashion, publishing, and sports, is one of the most significant ministries in terms of employment generation, second only to agriculture.

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We look at this ministry as one of the most important ministries because after agriculture, the ministry employs the largest number of people.

The National Institute for Policy and Strategic Studies (NIPSS) and the Ministry of Art, Culture, Tourism, and the Creative Economy are collaborating on these initiatives. Prof. Ayo Omotayo, Director-General of NIPSS, stated that the institute has aligned its research with the President's economic agenda. He explained that NIPSS identified the creative sector as a key area with sufficient leverage to help Nigeria reach the trillion-dollar economic goal.

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For the National Institute, we have bonded ourselves to the Agenda of Mr President, in which he wants Nigeria to reach a trillion-dollar economy by 2030.

Omotayo noted that the creative industry, despite its potential, has not received adequate policy research attention. The forthcoming summit aims to generate innovative ideas and strategies to strengthen the sector. He also pointed out how advancements in technology over the past 50 years could significantly benefit the arts and culture sector, suggesting a need to integrate modern tools and approaches. The participants have also conducted study visits to countries like Ghana, Gambia, and Angola as part of their research.

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So for the National Institute, this is the last of the sectors that we can find enough leverage and push to get Nigeria to the One Trillion Dollar Economy.