FEC targets $100bn investment, two million jobs via Creative Tourism Infrastructure Corporation

Federal Executive Council (FEC) has approved the establishment of the Creative and Tourism Infrastructure Corporation (CTICo) with projected investment of $100 billion and potential to create over two million jobs.

In the same vein, Federal Executive Council approval of the Creative Economy Development Fund (CEDF) and implementation of the IP Monetisation Pilot to provide funding to creatives and develop a model for IP asset securitization; as well as the Creative Leap Acceleration Programme (CLAP), a digital platform to support creative enterprises with funding, creative technology, and co-working spaces.

Minister of Arts, Culture and Creative Economy, Barrister Hannatu Musa Musawa who disclosed these on Friday while reeling out her stewardship achievements during the 2025 Ministerial Press briefing, explained  that the Ministry has over the past 18 months secured $200 million worth of investment.

She said: “in just eighteen months, we’ve secured $200 million worth of investment commitments, established innovative funding mechanisms like the Creative Economy Development Fund, creating infrastructure that will generate over 2 million jobs, and elevating Nigeria’s global cultural standing—all while encouraging rural communities, women, and youth to participate meaningfully in the creative economy. 

“Our strategic partnerships spanning government agencies, international organizations, and private sector leaders have positioned Nigeria’s tourism and creative sectors not just as alternatives to oil dependency, but as vibrant, inclusive economic pillars capable of addressing our nation’s most pressing challenges.”

According to her, through the strategic partnerships with AFREXIM Bank, the Ministry secured partnership for $200 million funding commitment will help to accelerate building of cultural and creative industries, to be operationalized by June 1, 2025; as well as collaboration with Ministry of Finance Incorporated (MOFI) for asset monetization through a formal Memorandum of Understanding and as anchor shareholder for the Creative Economy Development Fund

She explained that the $200 million commitment from AFREXIM Bank , adding that the partnership with MOFI will help to monetize tangible and intangible assets within creative and tourism domains by cataloging, valuing, and securitizing government assets.

In the same vein, National Council for Arts & Culture (NCAC) partnership with Mefa Abuja seeks to develop six state-of-the-art performance venues across Nigeria and securing concessionary funding from the French Treasury for creative infrastructure projects in Nigeria, with potential funding expanded from €35 million to €100 million.

Through the music subsector, the Minister disclosed that the Ministry has “identified 5 segments in the value chain including Production, Marketing and Sales and based on our draft report, we project that we will create over 500,000 new jobs in the sector by 2030.

“Our mapping indicates that this sector will continue to thrive through self-employment and micro-enterprise pathways, with regional hubs like Edo, Delta, and Plateau playing key roles alongside Lagos. We are currently going through a validation process and should formally publish the mapping results in early June.

“These figures are not merely statistics; they represent real opportunities for Nigerian youth, women, and communities across our nation. They demonstrate the transformative potential of our creative industries when properly supported and strategically developed.”

In achieving the feats, she explained that the Ministry has embarked on strategic collaboration with Federal Inland Revenue Service (FIRS) to enhance tax compliance and revenue collection while fostering growth of the creative economy.

In addition, the Ministry embarked on policy formulation which she described as crucial for the development, growth and advancement of the four Sectors under the Ministry.

According to her, “at the inception of this Ministry, the policies regulating the sector were not only found to be inadequate but were outdated and failed to address the developmental changes in the arts, culture, tourism and the creative economy sectors.

“Consequently,  to reposition the sectors and provide an enabling environment for the sectors to thrive and attain its position as a major alternative to income generation for Nigeria, the Ministry in collaboration with the private sector led by the Nigerian Economic Summit Group (NESG) is poised to provide a clear policy framework for not only the creative economy but the arts, culture and tourism sectors of Nigeria.

“The policies undergoing review, formulation and implementation are:

National Policy on Intellectual Property Rights; National Policy on Incentivizing the Art, Culture and Creative Economy

The Review of the 2005 National Tourism Policy of Nigeria; The Review of the 1988 National Policy on Culture of Nigeria; Policy on Monetary and Credit Solutions for the Creative Economy

Development of a new National Policy on Creative Economy; NFVCB Regulations 2024 transition from censorship-focused approach to a modern classification system, addressing concerns about glamorization of tobacco, narcotics, and ritual killings in films, music videos, and skits.”

Despite the aforementioned achievements, the Minister however noted that the sector faced “several challenges, ranging from funding constraints -Many creative projects face difficulties securing adequate funding and distribution.

“Global Competition – Our creative products must meet high international quality standards to compete globally.

Tourism Infrastructure – While we have made progress with facilities like Ikogosi Warm Springs Resort, many tourism sites across the country still require significant investment and development.”

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