The Minister of Art, Culture, Tourism, and the Creative Economy, Hannatu Musawa, announced on Monday that the ministry aims to contribute $100 billion to Nigeria’s economy by 2030.

Musawa made this statement after the sixth Federal Executive Council meeting, speaking to State House Correspondents.

“Our ministry has committed to contributing and growing the economy by $100 billion by 2030, and we hope to do that by putting all the modalities in place that will allow the industry to grow organically on its own,” she stated.

The minister informed journalists that the FEC approved a memo aimed at monetizing Nigeria’s tangible and intangible assets in the creative, cultural, and tourism sectors.

She emphasized that this development would allow her ministry to create a new revenue stream, leveraging the country’s assets to drive economic growth.

We also want to address unemployment by creating jobs. We are going to create at least two million jobs by 2027 within this industry,” Musawa said.

She revealed that the Ministry had signed a Memorandum of Understanding with Moby, an international museum collection agency, to monetize Nigeria’s artifacts, historical monuments, and landmarks.

The minister noted that this development marks an exciting economic opportunity for Nigerian identity, traditions, and culture.

She highlighted the significant growth of Nigeria’s creative industry in recent years, driven primarily by music (Afrobeat) and movies (Nollywood).

Nigerian music artists have gained global recognition, with their songs topping charts and generating billions in online streams.

Meanwhile, the Nigerian movie industry, Nollywood, has become the second most productive globally, producing more films annually than any other industry except India’s Bollywood.