Report: Nigeria Losing Billions of Dollars to Underdeveloped Art Sector

Dike Onwuamaze

Nigeria may be overlooking one of its most promising non-oil growth sectors as inadequate policies, weak institutional support and poor infrastructure continue to prevent the country’s thriving visual arts industry from evolving into a major contributor to economic growth, employment and foreign exchange earnings, a new report has revealed.

The report titled: “Can Nigeria Turn Art into an Economic Asset? Lessons from the UAE,” by the Financial Derivatives Company Limited, warned that despite the global acclaim enjoyed by Nigerian artists and the growing popularity of events such as ART X Lagos, the country has yet to develop the policy framework required to transform its artistic assets into a globally competitive creative economy capable of supporting economic diversification.

According to the report, while Nigeria continues to search for sustainable alternatives to oil revenues amid mounting fiscal pressures, the visual arts sector represents an underutilised economic opportunity that could significantly expand tourism, attract foreign investment, create jobs and boost export earnings if properly developed.

It noted that ART X Lagos alone has attracted more than 700,000 visitors from over 170 countries during its first decade, underscoring the growing international appeal of Nigerian contemporary art and its potential to generate substantial economic value.

The report stressed that although Nigeria’s broader creative industries employed about 3.2 million people, representing approximately six per cent of total employment as far back as 2019, most of the activity remains concentrated in music and film, leaving the visual arts largely informal and commercially underdeveloped.

It argued that unlike countries that have deliberately integrated culture into their economic development strategies, Nigeria still lacks comprehensive policies covering tax incentives, investment promotion, intellectual property protection, cultural statistics and financing mechanisms for the creative economy.

Consequently, many internationally acclaimed Nigerian artists continue to rely on overseas galleries and foreign collectors to access premium markets, depriving the country of significant tourism receipts, investment opportunities and foreign exchange that ordinarily accompany a vibrant domestic art market.

Drawing lessons from the United Arab Emirates, the report highlighted how sustained investments in museums, creative districts, cultural festivals and supportive regulatory policies transformed the country’s art ecosystem into a major economic asset.

According to the report, Dubai’s creative economy generated AED21.9 billion (about $5.96 billion) in GDP and supported over 175,000 jobs in 2022, while the cultural and creative industries contributed 4.02 per cent of Dubai’s GDP.

It further noted that Louvre Abu Dhabi welcomed more than 1.4 million visitors in 2024, with international tourists accounting for 84 per cent of attendance, while Art Dubai attracted over 25,000 visitors in its 2026 edition.

The report attributed the UAE’s success not merely to artistic talent but to deliberate government policies that linked culture with tourism, real estate development, branding, foreign investment and business-friendly regulations.

It argued that Nigeria possesses similar artistic potential but has yet to establish the supporting ecosystem capable of translating creativity into measurable economic returns.

The report therefore urged the federal government to strengthen intellectual property protection, introduce fiscal incentives for galleries and collectors, develop world-class museums and creative districts, expand cultural tourism and encourage greater private-sector investment in the arts.

It also recommended leveraging the ongoing revitalisation of the National Theatre as a template for broader investments across the country, stressing that stronger integration between the arts, hospitality, financial services and tourism could generate multiplier effects across logistics, design, event management, marketing and other sectors.

According to the report, projections indicate Nigeria’s broader creative economy could grow to between $14.8 billion and $100 billion by 2030, suggesting that a better-organised visual arts ecosystem could become a significant contributor to national output.

The report concluded that as Nigeria intensifies efforts to diversify its economy beyond oil, developing the visual arts industry offers a realistic pathway to creating jobs, earning foreign exchange, strengthening the country’s global brand and positioning Nigeria as Africa’s leading cultural economy.

Foundation Reaffirms Commitment to Early Childhood Care, Development

Maple Leaf Early Years Foundation has reaffirmed its commitment to advancing Early Childhood Care and Development (ECCD) in Nigeria.

The Foundation stated this following its participation in a two-day Memorandum of Understanding (MoU) contract signing workshop organised by the Federal Ministry of Education/World Bank under the IDEAS-TVET Project in Abuja.

The event brought together successful ECCD Training Service Providers from across the country, with Maple Leaf Early Years Foundation emerging as one of the selected organisations to implement the World Bank-supported ECCD training programme.

The workshop provided participants with in-depth knowledge on project implementation procedures, contractual obligations, safeguarding and child protection, communication methods for children with diverse needs, reporting and monitoring requirements, the National Skills Qualification (NSQ) Framework, and the roles and responsibilities of Early Childhood practitioners and Training Service Providers.

Speaking after the workshop, the Executive Director of Maple Leaf Early Years Foundation, Mrs. Ifedinma Nwigwe, described the engagement as a significant milestone for the Foundation.

She said the training had strengthened the Foundation’s capacity to deliver quality ECCD programmes in line with the National ECCD Framework and the objectives of the IDEAS-TVET Project.

Nwigwe noted that the knowledge gained during the workshop would enable the Foundation to effectively implement the World Bank-supported ECCD training programme while adhering to national standards and project expectations.

She reaffirmed Maple Leaf Early Years Foundation’s commitment to partnering with the Federal Ministry of Education and other stakeholders to strengthen the capacity of ECCD practitioners and contribute to improving learning outcomes for young children across Nigeria.

“We are very grateful for the opportunity to be selected as one of the implementers of the World Bank-supported ECCD training programme. We appreciate the confidence reposed in our capacity.

“But we are equally very happy that this workshop was put together to strengthen the capacity of all selected organisations. It was quite helpful and now we are good to go,” Nwigwe added.