Nigerian media entrepreneur and music executive, Obi Asika, has shared his thoughts on the newly created Ministry of Arts, Culture and Creative Economy as well as how it can be used to the nation’s advantage.
The general consensus is that Nigeria’s creative industry is yet to have its potential tapped by the government as a source of national revenue. In this regard, there is work for the new minister, Hanatu Musawa, to do.
In an ARISE NEWS interview on Monday, Obi Asika lauded the Tinubu government for elevating the industry to a sector with a ministry of its own, and expects the industry to have a substantial impact on the country’s economy if properly harnessed.
“The creative industries, the cultural industry and arts as well are really about the intellectual property of the people. And for me the biggest asset that Nigeria has is the Nigerian people. So if you begin from that premise, then you can understand where the opportunity lies.
“Talking about our history and our culture, we all know that we haven’t documented and preserved our origins and in fact African history and Black history is an issue and is a problem. But I feel like one of the things that is happening is that technology, specifically AI and Web 3.0 and NFTs, give us the opportunity to preserve things and bring them back to life in a modern age.”
Asika said he’s a a firm believer that the creative industry with the help of technology “can provide rocket fuel for this economy and move everybody forward.”
Asika pointed out the need for domestic platforms to be created so as to reap benefits from revenue generated by creatives.
He said the creative industry can stimulate domestic capital and also generate about 10 million opportunities within the industry.
“The money that is being exported from Nigeria is because we haven’t built enough domestic platforms. So if you use YouTube or Spotify, Apple Music or Netflix and Amazon, yes some of the money is going out and some is coming into the economy because without that investment, you can’t create the product.
“At the end of the day, this creative economy and this sector has the opportunity by 2030 to deliver something like ten million jobs into this economy.”
To this end he urged private sector businesses, such as banks, and the government to collaborate with professionals within the industry to ensure its growth.
“Government is not going to be in a position to launch platforms and properties for festivals. They need to partner with the private sector, with people who do these things on a day to day, 24/7, every single day of the year, to create festivals and cultural experiences and events that will gain support from the government.“
Asika mentioned one of the potentials that needs to be unlocked when he said Nigeria’s television market is worth $3bn. “Free to air television is by far the biggest opportunity for the video section, for Nollywood and anyone who makes visual content. Once advertisers can see what is happening, the money is there to back broadcast.”
He also advocated for intellectual property to be used as collateral to access bank loans.
“If IP is collateral in Nigeria, as it is everywhere, then Nollywood doesn’t need anything beyond access to finance. In New York, London, Beijing…the idea is what is funded.”
He said the focus should be on getting entertainers to tour the country as much as they travel abroad.
Artists like Wizkid, Burna Boy, Davido, and P-Square haven’t really toured the country since what they’ve done in the past are brand activations.
Glamour Adah
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