Nigeria Unveils Ambitious Plan To Boost Economy Through Cultural And Tourism Assets.
In a landmark move, Nigeria’s Federal Executive Council (FEC) has greenlit an innovative strategy to harness the nation’s rich cultural and tourism resources for economic growth, as announced by Hannatu Musawa, Minister of Art, Culture, Tourism, and Creative Economy, on Tuesday.
The initiative, developed in collaboration with the Ministry of Finance Incorporated (MOFI), aims to create a robust new revenue stream while showcasing Nigeria’s vibrant heritage. Musawa revealed that the plan targets a staggering $100 billion contribution to the economy by 2030 through the monetisation of both tangible and intangible cultural assets.
“For the first time in Nigeria’s history, a standalone ministry is dedicated to unlocking the vast potential of our cultural, creative, and tourism sectors,” Musawa said. “This is about using what we already have to foster wealth, identity, and pride.”
Tangible assets include national museum collections, historical landmarks, notable buildings, and federally owned artworks. Meanwhile, intangible assets encompass indigenous languages, oral traditions, cultural products like adire textiles, culinary staples such as Ijebu garri, and significant landscapes and festivals.
Musawa emphasised that the initiative is designed to be self-sustaining, leveraging existing resources without placing additional strain on the national budget. “Our cultural capital is immense, and we are now establishing a framework to monetise it responsibly,” she noted.
The plan will unfold in four phases: assessing available assets, valuing them, developing a monetisation strategy, and implementing the plan. Musawa confirmed that the asset verification process has been completed, paving the way for the next steps in partnership with MOFI.
This bold strategy is expected to not only bolster Nigeria’s economy but also elevate its cultural heritage on the global stage, fostering national pride and economic resilience.