The Ministry of Art, Culture, Tourism, and Creative Economy has partnered with MOFI to monetize Nigeria’s cultural assets. The agreement aims to unlock economic value in these untapped resources, generating income streams and investment opportunities. This initiative will enhance the recognition of Nigeria’s rich cultural heritage as a catalyst for economic growth.
The Ministry of Art, Culture, Tourism, and Creative Economy in Nigeria has formalized a partnership with the Ministry of Finance Incorporated (MOFI) through a Memorandum of Understanding. This agreement aims to harness and monetize the significant, yet underutilized, cultural and creative assets of the nation, facilitating economic growth in these sectors.
During the signing ceremony held at the Bank of Industry House, Dr. Armstrong Takang, the Managing Director and Chief Executive Officer of MOFI, emphasized that the collaboration will revitalize Nigeria’s cultural heritage and activate dormant cultural assets. “These assets will be cataloged, valued, and securitized to generate new income streams for the government and create investment opportunities for Nigerian citizens.”
Dr. Takang highlighted a pivotal shift in recognizing Nigeria’s rich cultural wealth as a catalyst for economic transformation. He pointed out the untapped potential of various artistic treasures, noting, “For far too long, we have walked past our nation’s artistic treasures without recognizing their true economic value.”
Additionally, he provided a striking example of this potential with reference to a single artwork, stating, “A single Enwonwu painting, ‘Tutu,’ sold for £1.2 million at a London auction in 2018, while our own National collection remains largely uncatalogued and unvalued.” He expressed confidence that the partnership would play a crucial role in positioning these cultural pieces as economic assets.
Dr. Takang concluded by declaring this Memorandum of Understanding as an urgent call to action, emphasizing the need to unlock the vast potential of Nigeria’s physical and cultural heritage. He stated, “…turn them into engines of prosperity,” indicating a vision where cultural assets serve as vital contributors to the nation’s economy.
The collaborative effort between the Ministry of Finance Incorporated and the Ministry of Art, Culture, Tourism, and Creative Economy seeks to harness Nigeria’s cultural assets effectively. By valuing and monetizing these resources, the initiative is positioned to drive economic advancement while fostering investment opportunities for Nigerian citizens. This partnership underscores the significant economic potential embedded within Nigeria’s cultural heritage, heralding a transformative era for the nation’s creative sectors.
Original Source: leadership.ng
