Nigeria’s creative industry has the potential to become the country’s largest export sector, contributing $100 billion to the country’s GDP by 2030.
According to The Punch, the Assistant Secretary for the Bureau of Economic and Business Affairs at the U.S. Department of State, Ramin Toloui, made this revelation on Monday in Lagos.
Speaking to creatives in Lagos, Toloui predicted that by 2050, the sector may also support the country’s expanding youth workforce with roughly 2.7 million employment.
3.1% of the world’s gross domestic product cames from the cultural sector alone. The UN Conference on Trade and Development estimates that the creative industries create over $2 trillion in sales annually and support about 50 million employment globally.
Toloui noted the expanding partnerships between American and Nigerian talent in praising the noteworthy expansion of Nigeria’s creative economy.
He emphasized the growing tendency of Nigerian music musicians to collaborate with their American counterparts, as well as the growing interest of American actors in Nigerian film.
“This increasing demand has resulted in a surge in investments from African-based investors in early-stage creator economy startups, as well as increased exports of African content through digital streaming platforms and international tours,” he said.
Toloui conveyed the support and pride of the U.S. administration in seeing the blossoming ties between the United States and Nigeria in the creative industry.