Nigeria’s Art Industry Could Contribute $13 Billion in Annual GDP
Art lovers, enthusiasts, and industry experts gathered recently at a briefing where Keturah Ovio and Peter Imo, co-directors of Patrons MCAA, shared valuable insights on how Nigeria could tap into its thriving art industry to generate over $13 billion in annual revenue. They also announced the forthcoming “Small and Iconic Miniature Arts Exhibition,” set to take place from September 30 to October 15, 2023.
Ovio highlighted the immense potential of the art industry to contribute significantly to a nation’s Gross Domestic Product (GDP), citing global examples that indicate a range of two to ten percent. She explained, “Nigeria is missing out on a substantial $13.2 billion in potential annual revenue from its arts industry due to a lack of investments and the absence of policies to drive the sector. This figure represents only three percent of Nigeria’s total GDP of $440 billion, a goal that is both feasible and attainable.”
Ovio pointed out the stark contrast between South Africa, where the visual arts and crafts contributed a remarkable 15% to its GDP in 2020, and Nigeria’s arts, entertainment, and recreation sector, which contributed only 0.21% to the second-quarter GDP of 2023, marking a modest increase from 0.16% in the same period of 2022. She emphasized, “Even Kenya’s arts and creative industries contribute five percent to the GDP. We can certainly aim for three percent, which, in my view, is a conservative estimate. Nigeria must make substantial investments in the arts industry to boost revenue earnings from it.”
Unlocking the potential of Nigeria’s arts industry requires substantial investments. Imo stressed the importance of attracting audiences of all ages to the arts and suggested allocating annual budgets to support the sector. The ultimate goal is to promote local works on a global scale, necessitating financial support for Nigerian artworks and artists to participate in international exhibitions and events.
Imo made it clear that it’s vital for all stakeholders, not just the government, to work together to develop the arts industry. Allocating budgets to support Nigerian arts is a significant step towards achieving this objective.
Patrons MCAA’s upcoming exhibition, “5 in Focus,” embodies this commitment to showcasing the potential of the Nigerian and African arts industry. All attendees are encouraged to support this event. Imo enthusiastically shared, “With great pride, we will present five exceptional artists from five diverse nations — Cameroon, Nigeria, South Africa, Rwanda, and France.” The artists featured in the exhibition include Lambert Shumbusho (Rwanda/France), Abrifor Silas (Nigeria), Justine Gaga (Cameroon), O’Dare Adenuga (Nigeria), and Thabiso Dakamela (South Africa).
Unlocking Nigeria’s Artistic Potential
Realising the full potential of the arts industry in Nigeria requires substantial investments and a collective effort from all stakeholders, not just the government. The allocation of annual budgets to support the sector is one effective way to stimulate its growth. By financially supporting Nigerian
artworks and artists to participate in global exhibitions and events, Nigeria can promote its local talents and works on an international stage.
Unlocking Nigeria’s artistic potential hinges on two fundamental factors: investment and collaboration. Peter Imo, co-director at Patrons MCAA, emphasized the importance of attracting audiences of all ages to the arts. He stressed the need to allocate annual budgets to support the arts sector, enabling it to flourish and compete on a global scale.
The arts industry in Nigeria has the power to drive significant economic growth and cultural enrichment. Nigeria’s artistic potential is vast, and it’s time to unlock it. By investing in the arts, promoting local talents, and fostering collaboration, achieving the $13.2 billion in annual revenue opportunities within the arts industry will be attainable in the nearest future.
Patrons MCAA’s “5 in Focus” exhibition serves as a shining example of the commitment to showcase the potential of the Nigerian and African arts industry. Through events like this, Nigeria can take the necessary steps toward realizing its artistic potential and contributing substantially to its GDP. The journey begins with investment, support, and collaboration, and the destination is a flourishing arts industry that benefits all.
