3. Introduction
In an era where technological advancements have disrupted traditional industries,
the Creative Economy cradles the profound potential of innovation, fostering
growth, and shaping the future.
Today, we find ourselves at the cusp of an unprecedented era of creativity, where
creators, artists, designers, writers, filmmakers, and musicians are converging
with tech-savvy entrepreneurs to birth groundbreaking ideas that challenge
conventional thinking.
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4. Overview of Nigerian Creative
Economy
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• 2nd largest employer in the country,
employing 4.2 million people.
• Create 2.7 million jobs in 2025,
contribute N5 trillion to the country’s
GDP.
• 5 sectors: Media, Entertainment,
Beauty & Lifestyle, Visual Arts, and
Tourism & Hospitality.
• Highest contributing sectors are
Broadcasting (N1.7trn), Textile,
Apparel & Footwear (1.41trn), and
Motion Picture & Music (N1.2trn).
Media
Entertainme
nt
Beauty &
Lifestyle
Visual Arts
Tourism &
Hospitality
Total
2025 0.2 0.7 0.8 0.8 0.2 2.7
2021 0.1 1.4 2.1 0.4 0.2 4.2
0
1
2
3
4
5
6
7
8
Number
of
People
in
Millions
Jobs in the creative sector
Source: Jobberman Creative Sector Report
5. Empowering Emerging Creatives
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• Strategic funding initiatives play a pivotal role in providing the
necessary resources, mentorship, and support to emerging
creatives, enabling them to transform their visions into tangible
reality.
• With access to strategic funding, emerging creatives can
amplify their reach, influence, and ability to drive societal
change.
6. The only way to limit creativity is
to limit yourself.
BEN OKRI
Nigerian Poet and Novelist
CREATIVE ECONOMY: FUNDING & INVESTMENT
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7. Lagos State: Opportunities & Fresh
Perspectives
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Lagos as Nigeria’s Commercial and Creative Hub has huge potential lying in wait. The state is
the center for art, music, fashion, sports, tourism and creative experiences. The “Detty
December” phenomenon is a renowned tourist attraction and huge cash cow for private
entities, MSMEs and individuals alike. Its peak period for supporting industries as well. Imagine
a city where:
• Sports and Commerce collide: Innovative sports apparel and merchandise, designed by
local creatives, are sold online and in physical stores, boosting tourism and local businesses.
• Art meets Tourism: Immersive art experiences, powered by digital technology, attract
visitors from around the world, generating revenue and showcasing local talent.
• Food and Hospitality merge: Culinary experiences curated by local chefs and food bloggers
become must-try destinations for tourists, promoting cultural exchange and gastronomic
tourism.
8. Strategic Investment Dynamics
Ever-Evolving
The complexities of
investing in a dynamic
sector requires staying
ahead of the curve being
flexible & keeping a finger
on the pulse of emerging
technologies, consumer
behaviours, & cultural
shifts.
This means continuous
monitoring, adaptation,
and a deep understanding
of the market trends.
No Risk, No Reward
In the creative economy,
the risks are often
amplified due to the
inherent nature of
innovation, disruption, and
the ever-changing market
dynamics.
Mitigating risk while
seeking ample returns is at
the forefront of decision-
making processes.
Happy Hunting
Identifying and assessing
investment opportunities
in the creative economy is
key as creatives, as
investors and as
stakeholders.
The core values of
businesses don’t change
across sectors: Capable
Team, Sustainable
Competitive Advantage,
Rigorous Market Analysis &
Due Diligence.
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10. CREATIVE ECONOMY: FUNDING & INVESTMENT
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• Conventional Investment Approaches: Focus
primarily on assessing the financial viability,
growth potential, and competitive landscape
of a venture. This method has proven
successful for many investors.
• Avant-garde Models: These models consider
factors such as the quality of artistic content,
cultural impact, audience engagement, and
intellectual property, alongside the financial
metrics. This captures the intrinsic value of
creative ventures.
Funding Diversity
11. Funding Innovation: Beyond
Traditional Models
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• Women’s Football - A funding success story: The recent surge in women's football
demonstrates the power of targeted funding. Investment in the entire value chain, from
grassroots training to merchandise and team development, has propelled women's football to
new heights. Global investment in women's football has increased by 300% since 2015,
reaching $1.2 billion in 2021. Registered Female Footballers increased by 30%, Global
Viewership increased by 50%.
• Lottery as a Crowd-funding model: Successful models like the UK National Lottery, uses a
portion of proceeds totalling £46 billion for good causes since its inception in 1994, including
£1.5 billion for arts, culture, and sport. This innovative approach leverages public participation
while supporting creative endeavours. This has also generated £3.9 billion in tax revenue each
year.
• Infrastructure Investment: Funding the physical infrastructure that supports the creative
economy is crucial. Purpose-built entertainment centres, Academies and Creative Hubs
(Leveraging the National Startup Act) equipped with digital technology, data connectivity,
secure environments, and seamless payment systems will attract audiences and drive
economic growth.
12. Government Policies & Funding
Landscape
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Governmental policies and incentives have a significant impact on the availability and
accessibility of funding; Regulatory frameworks are particularly important in
establishing a supportive environment for the creative economy. Policies that promote
innovation, protect intellectual property rights, and encourage competition can create
an ecosystem that fosters growth and attracts investment. This can be done through:
• Direct Funding Mechanisms – Grants, Loans, Subsidies
• Tax Breaks and Incentives – Tax Breaks, Deductions, Credits, Tax Free Zones
• Regulatory Reforms – Simple Processes, Reduced Hurdles, Amendments
• Collaboration and Knowledge Sharing Initiatives – Public-Private Partnerships,
Research & Development, Creative Academies & Training Schemes, Creative Hubs &
Co-working Spaces, Leveraging the National Startup Act.
13. Learning from our Neighbors
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Government Policies & Funding Landscape
Kenya
Rwanda's vibrant music
scene, fostered by
government initiatives and
private investment, attracts
international artists and
music lovers alike.
Initiatives like the "Made in
Rwanda" campaign promote
local music globally and
generates $20m revenue p/a
Ghana
Ghana's "Year of the Return"
2019 initiative strengthened the
connection between the African
diaspora and Ghana by
attracting tourists and investors.
It also took advantage of the
growing demand & social
phenomenon for of the African
diaspora to ‘connect to their
roots’.
2,000 direct jobs & 1.2% increase
in GDP was attributed to the
Year of the Return activities.
Rwanda
Kenya's film industry, supported
by government funding &
international partnerships, has
produced award-winning films
with $100m revenue p/a and
created 10,000 jobs for local
talent.
Collaborations with international
film organizations & co-
productions showcase stunning
landscapes and diverse cultural
tapestry.
14. Global Case Studies
Case Study 1: Dedicated
Government Funds
United Kingdom's Creative Sector tax relief
program (2012) provides tax breaks of £120
million p/a to companies engaged in
creative ventures like high-end television,
video games, and animation.
Modelled on the existing film tax relief
scheme, which has supported over £5 billion
of investment into British films and seen a
70% increase in the film production
workforce since its introduction in 2007.
Case Study 2: Tax Reliefs
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South Korea’s comprehensive strategy
includes direct funding, tax incentives,
and regulatory reforms. As a result, they
are a global leader in creative industries,
particularly in film, music, and gaming.
Singapore invested in infrastructure and
initiatives like developing creative
clusters, co-working spaces & attracting
international talent. These efforts
positioned them as a hub for innovation
and creativity in Southeast Asia.
Government Policies & Funding Landscape