2 weeks Ago By Guardian Nigeria
In a bid to unlock the economic potential of Nigeria’s cultural wealth, the Ministry of Art, Culture, Tourism and Creative Economy has signed a Memorandum of Understanding (MoU) with the Ministry of Finance Incorporated (MOFI) to unlock and monetise the vast, untapped potential of the Federal Government’s tangible and intangible assets, driving economic transformation and growth in the cultural and creative sectors. As a home to a rich tapestry of cultural heritage, boasting a diverse array of traditions, customs, and artistic expressions, this groundbreaking collaboration aims to drive the monetisation of Nigeria’s cultural assets, promoting sustainable economic growth, cultural preservation, and national pride. Speaking at the signing ceremony, which held at the Bank of Industry (BoI) House, the Managing Director / Chief Executive Officer of MOFI, Dr.
Armstrong Ume Takang, said the MoU between MOFI and the ministry would awaken the nation’s creativity and heritage and activate its dormant cultural assets. He noted that from the ancient Nok civilisation to the vibrant Afrobeat music scene, Nigeria’s cultural assets are a treasure trove of creative and economic potential. However, despite their immense value, these assets remain largely underutilised and unmonetised.
“These assets will be cataloged, valued, and securitised to generate new income streams for the government and create investment opportunities for Nigerian citizens. Today, we stand on the threshold of a new era in Nigeria, where the nation’s rich cultural wealth, previously admired yet undervalued, steps into the spotlight as a significant driver of economic transformation,” Takang said. “For far too long, we have walked past our nation’s artistic treasures without recognising their true economic value.
These cultural assets are not just decorations; they are economic opportunities waiting to be valued and optimised. Consider the profound impact: a single Enwonwu painting, Tutu, sold for £1.2 million at a London auction in 2018, while our own National collection remains largely uncatalogued and unvalued,” the MD/CEO added.
In her response, the Minister, Hannatu Musa Musawa, thanked MOFI for the partnership, adding that the project aligns with the strategies of the ministry. “The real untapped wealth and the future of Nigeria lies within its cultural heritage. President Bola Ahmed Tinubu mandated us to leave a long lasting legacy that will not only outlive his administration but a sustainable industry for the future generation,” she said.
“With this mandate given to us by Mr President to think outside the box, we are very lucky to partner with that arm of government that shares the same vision and hunger for innovation, so in working with you to put up this fantastic structure for the creative and cultural industry, it helps us open up that potential, and we are committed to seeing that creatives and the Nigerian government will start making commensurate income for the worth of their talents, tangible and intangible assets,” Musawa added..
