Nigeria to earn over 20bn annually from creative industry
By The Central Bank of Nigeria (CBN) said on Sunday that Nigeria has the potential to earn over $20bn annually from the creative industry.
The creative industries center is expected to create over 1 million jobs in five years, Godwin Emefiele, governor of the Central Bank of Nigeria (CBN) said on Sunday.
Emefiele said this at the official handover of the National Theatre to the CBN Governor, on behalf of the Bankers’ Committee, on Sunday, July 12, 2020.
This is further to the Creative Industry Financing Initiative(CIFI), which was announced at bankers committee retreat in 2018.
“Our goal for the National Theatre, is to create an environment where startups and existing businesses are rewarded for their creativity. The National Theatre when fully renovated will be able to support skills acquisition and job creation for over 1 million Nigerians over the next five years. These Nigerians will be empowered with funds at single digits interest rate, high level training using state-of-the-art tools, and networks, that will enable them to turn their ideas into a reality,” Emefiele said.
The Creative Center, which comprises Music, Movies, Fashion and ICT can be a key source of growth for our economy creating up to One Million jobs for our teaming Youths. It will also aid our objective of reducing our dependence on revenues from crude oil.
India for example in 2018, generated over $240bn from exports of IT, Movies, Music and Fashion related goods and services. This amount is over 5 times our annual earnings from the sale of crude oil.
With our human capital resources and an enabling environment that will help harness the creative talents of our youths, Nigeria has the potential to earn over $20bn annually from the creative industry