Lai: Creative sector powerful engine for economic growth

Lai Mohammed, a former minister of information and culture, says the creative sector is a powerful engine for the country’s economic growth.

Mohammed spoke on Thursday at an event organised by the IHK Giessen-Friedberg Chambers of Commerce and Industry in Germany.

The former minister said Nigeria’s creative sector has more than 24 diverse segments, including fashion, music, film, literature, and visual arts.

“The creative sector serves as a powerful engine for economic growth, contributing substantially to Nigeria’s GDP through the production and distribution of creative goods and services,” he said.

“The rise of online platforms, streaming services, and digital distribution channels has democratized content creation and distribution, making Nollywood films, music, fashion shows, and art exhibitions accessible to a global audience.”

The managing partner of Bruit Costaud, a policy advisory firm, said the international collaborations in music and motion pictures have raised Nigeria’s place on the global stage.

“The youth’s engagement with and consumption of creative content continue to drive the industry’s growth,” he said.

“With the globalization of music consumption and digital platforms, the Nigerian music scene offers investment prospects in production, distribution, and live events.”

Mohammed added that the Nigerian fashion industry is ripe for investment in design, manufacturing, retail, and global export, “especially with the growing international focus on African fashion”.