The creative and cultural sectors in Nigeria are estimated to be missing out on a staggering $13.2 billion annually, a substantial sum that could significantly contribute to the country’s revenue. According to the 2021 World Economic Forum report, these sectors collectively generate around $3,500 billion in revenue, accounting for approximately 4.8% of the global GDP, showing an increase from the 3% recorded in 2019.
Chief Kingsley Okafor, the National President of the Association of Professional Creative Artists and Designers in Nigeria (APCAD), emphasized these figures during a presentation in Abuja at the 10th anniversary of the Great Ekenhuan Alumni Association. This association is linked to one of the campuses housing key departments like Theatre Arts, Fine and Applied Arts, and Mass Communications at the University of Benin, situated in Edo State.
Highlighting the significant financial potential of the arts industry, Okafor stressed that Nigeria’s current shortfall in revenue could be reversed through strategic investments and the implementation of policies aimed at fostering growth in this sector. He also urged the federal government to accord equal attention to this industry, given that a separate ministry has been established for it within the information sector.
“Nigeria’s art industry is missing out on a potential annual revenue of $13.2 billion due to insufficient investments and a lack of appropriate policies. Comparatively, data from other nations indicate that the art industry can contribute anywhere between 2-10% to a country’s GDP,” revealed Okafor during the keynote lecture on wealth creation in the visual arts.
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