Patrons: Local arts industry must grow with Nigeria’s $440bn GDP

Keturah Ovio, a director at Patrons MCAA, an art advisory and dealership firm, says the Nigerian art industry must grow alongside the country’s gross domestic product (GDP) estimated at $440 billion.

While announcing an upcoming miniature art exhibition known as “small & iconic” scheduled for June 23 at The Art Hotel Lagos, Ovio said Nigeria’s global peers are doing better in arts due to their higher level of investment and commitment to the industry.

Ovio said the lack of investments in the Nigerian arts industry is stunting its growth, making it insignificant in terms of contribution to the GDP.

Ovio noted that countries with a large GDP enjoy flourishing arts markets which engage many young and creative people in the economy.

“We have a sizable economy which is more significant than Singapore, with a GDP of $397 billion, but what are we doing to ensure that the arts industry grows alongside the economy? Singapore’s arts’ contribution to the GDP tripled to $1.3 billion between 1996 and 2015, according to the National Arts Council in the country. However, before then, many investments had been made by both the government and the private sector to advance the industry,” she said.

“For instance, about $51 million had been spent by the National Arts Council in grants, scholarships, and endowments, according to Sothebys. Consequently, attendance at paid art exhibitions increased to 1.9 million by 2015 from 750,000 in 1996. This is a testament that investments can improve the state of things.”

She said, however, that the Nigerian art industry is dynamic, stressing that local art products are exported to different parts of the world, including London and Paris.

Ovio stressed that many young artists require funding and policy support to unleash their potential and talents, urging the government to intervene and make the industry more attractive.

On the forthcoming exhibition scheduled for June 24 at The Art Hotel Lagos in Victoria Island, Ovio said the event would be exciting and enable hardworking Nigerians to relax.

“It will be exciting and educational as visitors will learn the new trends in the local arts industry. They will also see West Africa’s arts from some of the best in the industry,” Ovio said.

Ovio listed the exhibitors as Anita Cudjoe (Ghana), Sotonye Jumbo (Nigeria), Adeola Balogun (Nigeria), and Collins Abinoro Akporode (Nigeria), noting they are among the best.

She said the “small & Iconic” is a series of miniature art exhibitions that spark memorable and inspiring conversations in the arts industry through bite-sized artworks.