Funding Strategies for the Federal Ministry of Arts, Culture and the Creative Economy.

The creation of the Federal Ministry of Arts, Culture and the Creative Economy, in Nigeria by the Presidency on August 17 2023, was a testament to our nation's recognition of the immense potential within its creative industries.

Headed by the intrepid Hannatu Musawa, this pivotal ministry had the mandate to foster the growth, preservation, and promotion of Nigeria's rich cultural heritage and its thriving creative economy. Compliant with directive, she swung into action by unveiling an 8 point plan geared towards transforming Nigeria into Africa’s creative, cultural and entertainment capital.

However, a crucial challenge lies ahead: securing the necessary funds to support this ambitious initiatives. In this short piece, we will explore innovative funding strategies outside of the National budget allocation that the newly formed Ministry can employ to ensure the success of its mission and it's self reliance.

Viz;

1.Creative Spaces and Hubs

Partnership with  real estate players to establish creative co-working spaces and innovation hubs where artists and creative entrepreneurs can collaborate. Revenue will be generated from the rentage of these spaces.

2.Cultural Experiences and Tourism Exhibitions: Develop unique cultural experiences and tourism exhibitions that showcase the intersection of culture, arts, and the creative economy. These packages can be marketed to tourists, generating revenue for the Ministry.

3.Public-Private synergy. 

By collaborating with private companies, the Ministry can embark on ambitious infrastructure projects like theaters, museums, and cultural centers. These partnerships can share funding and revenue, making the Ministry's initiatives financially viable.

4.Merchandise Sales

From artwork to clothing and souvenirs, merchandise related to cultural events and the Nigerian heritage developed by the Ministry can become a lucrative income stream.

5.Film and Media Production: Support the film and media industry by offering incentives for foreign production companies to film in our country. These incentives can include tax breaks and infrastructure development, attracting investment and generating local economic activity.

6.Talent Management Agency

Establish a talent management agency that discovers and represents artists, musicians, actors, and other creative professionals (inventors) in the science and technological sectors. The agency can earn revenue by negotiating contracts, securing endorsements, and taking a percentage of their clients' earnings. This not only supports artists but also contributes to the creative economy.

7.Film and Media Production House:

Create an in-house film and media production division within the Ministry. This production house can:

(1) undertake creative projects, documentaries, and educational content related to culture, arts, and the creative economy. 

(2)  Foster movie deals with Film giants  like Netflix, Marvel, DC comics, Warner Bros etc. 

Revenue can be generated through the sale of content licenses, distribution deals, and public screenings.

8.Artificial Intelligence Art

Promote the co creation of AI-generated art and music, blending technology and creativity, and explore partnerships with tech companies for AI-driven projects.

9.Creative Economy Awards:

Launch annual awards recognizing outstanding contributions to the creative economy, attracting attention and investment from both local and international stakeholders.

10.Digital Content Monetization: Monetize online content related to the Nigerian audience on YouTube, Facebook, Spotify etc.. such as web series, podcasts, and documentaries using the Value added tax  model. 

11.Art Auctions: 

Organize high-profile art auctions featuring works from Nigerian artists, tapping into the global art market and attracting art collectors.

12.Creative Investment Fund:

Establish a fund to invest in promising creative startups and projects, fostering innovation and entrepreneurship in the sector.

By embracing these diverse funding strategies, the Federal Ministry of Culture, Arts, and Creative Economy can secure the resources needed to realize its vision of nurturing Nigeria's cultural heritage and creative industries, ensuring a vibrant and prosperous future for the nation's artistic and cultural expression.

Fortunately we are blessed with a president who listens and a foresighted minister, so it's safe to say this is the dawn of a glorious bloom. 

The End. 

-Abraham Ikongshul.