Laraba MUREY
The Ministry of Art, Culture, Tourism, and Creative Economy has partnered with the Ministry of Finance Incorporated, MOFI, to unlock and monetize Nigeria’s cultural assets, aiming to boost economic growth in the creative sector.
In a press release titled “MOFI, Culture Ministry Partner to Drive Monetization of Nigeria’s Cultural Assets,” the government said the deal would help value and commercialize Nigeria’s artistic and heritage assets.
Speaking at the signing ceremony at the Bank of Industry House, MOFI’s Managing Director, Dr. Armstrong Takang, said the collaboration would awaken Nigeria’s creative and cultural potential.
“These assets will be cataloged, valued, and securitized to generate new income streams for the government and create investment opportunities for Nigerian citizens,” he said.
Takang noted that many of Nigeria’s cultural treasures remain undocumented, despite their immense value. He cited the example of Ben Enwonwu’s painting Tutu, which sold for £1.2 million in London in 2018, while Nigeria’s national art collection remains largely unvalued.
The Minister of Art, Culture, Tourism, and Creative Economy, Barrister Hannatu Musa Musawa, welcomed the partnership, stating that it aligns with the ministry’s long-term vision.
“The real untapped wealth and future of Nigeria lie within its cultural heritage,” she said. “President Bola Ahmed Tinubu has mandated us to leave a lasting legacy that will create a sustainable industry for future generations.”
She added that the collaboration would ensure Nigerian creatives and the government earn the true value of their talents and assets.
The initiative has four key goals: generating revenue for the government, creating investment opportunities, preserving cultural heritage, and positioning Nigeria as a leader in cultural asset monetization in Africa.
