NIPSS, Art Ministry partner to drive $1trn economy by 2030

The National Institute for Policy and Strategic Studies (NIPSS) has entered into a partnership with the Federal Ministry of Art, Culture, Tourism and the Creative Economy (FMACTCE) to advance President Bola Tinubu's vision of transforming Nigeria into a $1 trillion economy by 2030. The agreement follows a meeting in Abuja on Tuesday, during which NIPSS Director-General Prof. Ayo Omotayo met with FMACTCE Minister Hanatu Musawa to discuss collaboration on the upcoming National Summit and Exhibition on the Orange Economy, organized by the institute. This summit aims to explore ways to harness the potential of Nigeria’s creative industries to contribute significantly to the nation’s economic goals. Prof. Omotaya emphasized that NIPSS has aligned itself with the president’s agenda, having identified key sectors that could propel Nigeria toward the $1 trillion mark through careful planning. He stated that the creative industry, which includes film, music, fashion, and other cultural outputs, holds substantial promise. According to his assessment, the sector currently supports $250 billion of the economy but could grow to $450 billion with proper development. To achieve these objectives, NIPSS has deployed participants of its Senior Executive Course to seven states across Nigeria, gathering data and engaging with local officials and directors of arts and culture. Additionally, these participants have traveled internationally to countries such as Ghana, Gambia, Angola, Botswana, Ethiopia, China, India, Singapore, Portugal, Spain, and Poland to study best practices and strategies that could enhance Nigeria’s creative sector. Their findings will inform the strategies presented at the National Summit and Exhibition. Alhaji Lai Mohammed, former Minister of Information and Culture and managing partner of Bruit Costaud, a consulting firm supporting the summit, highlighted the vast opportunities within the creative industry. He described it as the second-largest employer in Nigeria after agriculture, emphasizing the importance of the ministry in driving employment and economic growth. Mohammed expressed enthusiasm about collaborating with NIPSS to organize the summit, believing that the creative industry represents Nigeria’s next major resource, comparable to oil. Minister Hanatu Musawa welcomed the focus on the Orange Economy as the theme for this year’s Senior Executive Course. She affirmed the ministry’s commitment to repositioning the culture, arts, and tourism sectors as engines of national economic growth under the Renewed Hope Agenda. Musawa underscored the belief that the ministry and its associated industries have the potential to make meaningful contributions to Nigeria’s goal of reaching a $1 trillion economy. Separately, the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) is taking steps to attract foreign investment to support the nation’s economic ambitions. The organization has announced the third edition of its Business and Investment Forum, set to take place in Guangzhou, China, alongside the 140th Canton Fair. This event aims to connect Nigerian stakeholders with Chinese investors, manufacturers, and business leaders in strategic sectors such as automobile production, renewable energy, and pharmaceuticals. NACCIMA’s Public Relations Officer, Madinat Adigun-Oladotun, explained that the forum aligns with President Tinubu’s Renewed Hope Agenda, aiming to position Nigeria as an attractive destination for investment and industrial development. She argued that Nigeria must shift from a consumption-based economy to one focused on value addition, local manufacturing, and industrial growth. Adigun-Oladotun pointed out that the country possesses the necessary resources, including a large population, natural wealth, and a strategic geographic location, to serve as a gateway to the African market. Previous iterations of the Guangzhou Business and Investment Forum have fostered collaboration with the China Chamber of International Commerce (CCOIC) Guangzhou, supported by Nigeria’s Consul General in Guangzhou, Ambassador Mairo Musa Abbas. These collaborations have already opened avenues for investment in various sectors, including electric vehicle manufacturing, agribusiness, and industrial park development. Adigun-Oladotun encouraged government and private sector stakeholders to engage in the trade mission to attract high-quality investments, promote technology transfer, and stimulate job creation. Guangzhou, recognized as one of the world's premier manufacturing and commercial centers, offers Nigerian businesses a valuable platform to forge strategic partnerships that could accelerate the nation’s industrialization and economic progress. As both NIPSS and NACCIMA work towards their respective goals, they represent different facets of Nigeria’s broader strategy to achieve sustained economic growth and global competitiveness.