Creative industry Nigeria’s next oil, says Lai Mohammed

Former Minister of Information and Culture, Lai Mohammed, declared Nigeria's creative industry as the nation's "next oil" during a meeting with the leadership of the National Institute for Policy and Strategic Studies (NIPSS). Mohammed highlighted the sector's immense potential to generate jobs and spur economic growth during a gathering held in Abuja.

NIPSS and the Ministry of Art, Culture, Tourism and the Creative Economy are striving to create strategies to leverage the creative sector to support President Bola Tinubu's objective of growing Nigeria's economy to $1tn by 2030. Mohammed, who is also the Managing Partner of Bruit Costaud, a consulting firm for the upcoming National Summit and Exhibition on the Orange Economy, emphasized the importance of shifting focus from crude oil to the creative industry, including films, music, gastronomy, fashion, publishing, sports, and others.

He described the arts and culture ministry as one of the most crucial ministries after agriculture, noting that it employs the largest number of people. The institute's Director-General, Prof Ayo Omotayo, said that the institute had aligned its research with the President's economic agenda to identify sectors that could contribute to achieving the $1tn economic target.

He highlighted the lack of adequate policy research on the creative industry and the potential it holds, projecting the sector to contribute $250bn to the economy, which could rise to $450bn if properly utilized. The National Summit and Exhibition on the Orange Economy is scheduled to take place from October 6 to 8, 2026, at the Wole Soyinka Centre for Culture and Creative Arts in Lagos, with the aim of developing strategies for building a more competitive creative economy.