By Benjamin Njoku
Nigeria’s Ministry of Art, Culture, Tourism and Creative Economy has partnered with the Ministry of Finance Incorporated, MOFI, to unlock the economic potential of the country’s cultural assets.
This collaboration aims to generate new income streams for the government, create investment opportunities for Nigerian citizens and preserve cultural heritage by linking it to economic value.
The partnership will catalog, value, and securitize Nigeria’s tangible and intangible assets, including arts, paintings, heritage sites, festivals, tourism brands, copyrights, digital content, and traditional knowledge. This initiative has the potential to transform Nigeria’s cultural wealth into a significant driver of economic growth.
According to Dr. Armstrong Ume Takang, Managing Director/Chief Executive Officer of MOFI, this partnership will “awaken the nation’s creativity and heritage and activate its dormant cultural assets. These assets will be cataloged, valued, and securitized to generate new income streams for the government and create investment opportunities for Nigerian citizens.
“Today, we stand on the threshold of a new era in Nigeria, where the nation’s rich cultural wealth, previously admired yet undervalued, steps into the spotlight as a significant driver of economic transformation.
“For far too long, we have walked past our nation’s artistic treasures without recognizing their true economic value. These cultural assets are not just decorations; they are economic opportunities waiting to be valued and optimized. Consider the profound impact: a single Enwonwu painting, ‘Tutu,’ sold for £1.2 million at a London auction in 2018, while our own National collection remains largely uncatalogued and unvalued,” Takang added.
The Minister of Art, Culture, Tourism and Creative Economy, Barrister Hannatu Musa Musawa, emphasized that the project aligns with the ministry’s strategies and President Bola Ahmed Tinubu’s mandate to leave a lasting legacy.
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