Creative industry will contribute $100b to GDP by 2030, says minister
The Senate Committee on Capital Market, yesterday, rejected the 2025 budget proposal of the Investments and Securities Tribunal due to errors in the figures and items presented.
Chairman of the Committee, Osita Izunaso (APC, Imo West), after a motion moved by Seriake Dickson (PDP, Bayelsa West) and seconded by Aliyu Wadada (SDP, Nasarawa West), rejected the proposal during the agency’s budget defence.
Meanwhile, the Minister of Art, Culture and Creative Economy, Hannatu Musawa, has outlined an ambitious plan to transform Nigeria’s creative industry into a major economic driver.
Izunaso directed the Chairman of the Investments and Securities Tribunal, Amos Azi, to return today by noon to re-present the budget.
Moving the motion, Dickson said, “Mr Chairman, at any point that pleases you, I think they can return to correct whatever has to be corrected and meet with the leadership of this committee.”
After the grilling by the lawmakers, Azi apologised for the discrepancies observed in the document.
Earlier, Izunaso had said the tribunal played a critical role in resolving disputes arising from transactions in the capital market.
“With a mandate to exclusively resolve these disputes, the tribunal has provided comfort and confidence to investors, thereby promoting the growth of our capital market. Notably, it has resolved disputes worth over N1 trillion since its inception in 2003. This is a testament to the tribunal’s commitment to ensuring that our capital market operates with integrity and transparency.
“As we review the 2025 budget proposal, we will be paying close attention to the tribunal’s plans for enhancing its operations, expanding its reach and addressing emerging challenges in the capital market.”
THE minister hopes to leverage the country’s vast cultural and creative assets to grow the creative industry.
Speaking after receiving overwhelming support from the National Assembly Committee on Arts, Culture and Creative Economy for an increased budget, Musawa emphasised the ministry’s commitment to contributing $100 billion to the country’s GDP by 2030 through targeted reforms, infrastructure development and strategic partnerships.
The minister noted the sector’s potential to drive economic growth and create millions of jobs.
She highlighted the creative sector’s ability to transform the lives of young Nigerians, citing events like “Detty December” in Lagos as proof of the industry’s capacity to contribute significantly to the GDP.
“Every single part of Nigeria is bursting with creative talent. This is real estate for the country and the ministry,” she said.
The ministry’s strategy, she indicated, focused on creating an enabling environment for the sector to thrive while securing external funding to complement the government’s support.
She added, “So far, the ministry has attracted funding from partners like Afrexim Bank, Big Win as well as the United Arab Emirates (UAE) and Saudi governments.
“In addition to the $100 billion GDP target, the ministry is working with Big Win to create two million jobs by 2027.”
However, Musawa stressed the need for adequate government funding to realise these goals, noting that the present budget allocation was inadequate.