Nigeria's Creative Industry: The Next Oil, Says Lai Mohammed

On Tuesday, former Minister of Information and Culture, Lai Mohammed, referred to Nigeria's creative industry as the "next oil," highlighting its vast potential to generate jobs and stimulate economic growth. This declaration occurred during a meeting in Abuja with the leadership of the National Institute for Policy and Strategic Studies (NIPSS) and the current Minister of Art, Culture, Tourism and the Creative Economy, Hannatu Musawa.

The meeting aimed to formulate strategies that would assist President Bola Tinubu's objective of growing Nigeria's economy to $1 trillion by 2030. Mohammed, who is also the Managing Partner of Bruit Costaud, a consulting firm involved in the upcoming National Summit and Exhibition on the Orange Economy, stressed the importance of diversifying Nigeria's economy beyond crude oil.

He noted that the creative sector, which includes films, music, fashion, and sports, is crucial for employment. Prof Ayo Omotayo, the Director-General of NIPSS, affirmed the institute's commitment to aligning its research with the President's economic agenda, emphasizing the need for policy research in the creative industry.