Creative Industry Is Nigeria's Next Oil — Lai Mohammed

Former Minister of Information and Culture, Lai Mohammed, has described Nigeria’s creative industry as the nation’s "next oil," highlighting its vast potential to drive economic growth and generate large-scale employment.

Speaking during a strategic meeting between the National Institute for Policy and Strategic Studies and the Minister of Art, Culture, Tourism, and the Creative Economy, Hannatu Musawa, Mohammed emphasized the urgent need to diversify beyond crude oil. He noted that cultural sectors—including film, music, fashion, publishing, sports, and gastronomy—position the ministry as the second-largest employer of labor in Nigeria, trailing only agriculture.

The meeting focused on establishing frameworks for the upcoming National Summit and Exhibition on the Orange Economy. Organized by the policy institute in partnership with consulting firm Bruit Costaud, where Mohammed serves as Managing Partner, the summit aims to convene key industry stakeholders to formulate actionable strategies for the sector.

The institute's Director-General, Prof. Ayo Omotayo, explained that research has been aligned directly with national objectives to expand the economy to $1 trillion by 2030. Omotayo observed that while rapid technological advancements over the last 50 years have transformed global industries, the creative sector has lacked adequate policy research despite its vast potential.

Through the upcoming summit, stakeholders intend to bridge this policy gap, leveraging technological tools and structured strategic planning to maximize the economic impact of the arts and culture sector toward achieving national growth targets.