This document proposes developing Nigeria's creative economy by acquiring and optimizing two strategic assets - the National Theatre in Lagos and the Moshood Abiola Stadium in Abuja. The assets would be transformed into hubs linking the country's creative industries to strengthen economic linkages and market access. An operational model would leverage synergies across industries through a unified support structure. The goal is to increase the creative economy's GDP contribution by efficiently operating currently underused public assets and fostering collaboration between creative operators. A special purpose vehicle would be set up with private funding to acquire the assets via a concession model approved by relevant government bodies.

1. Growing Nigeria’s
Creative Economy by
Developing Bankable
Assets for Nigeria’s
Creative Industries
Bolaji Okusaga

2. Content
S/N SUBJECT SLIDES
1. The Opportunity 3 - 10
2. The Assets 11 - 17
3. Proposition for taking over the Assets 18 - 24

3. 1. The Opportunity

4. Creative Industries • A set of knowledge-based economic
activities making intensive use of
creativity as primary input to produce
marketable value-added creative
products and services
• Creative products and services are
centred on, but not restricted to, arts
and culture
• Are tangible products or intangible
services with creative content,
economic value and market objectives
• They are able to generate income from
trade and property rights
• It is a new dynamic sector in world
trade
(UNCTAD)

5. Scope of Creative Industries
Visual Arts
Painting
Sculpture
Photography
Cultural
Products
Craft
Textile and
Apparel
Food - Cuisine
Music
Recording
Studio
Musical Art
Concerts
Streaming
Record Labels
Concerts
CD Production
Publishing and
Literary Arts
Books
• Print/Audio
Newspapers
Periodicals
Broadcasting
and
Advertising
Television
Stations
Radio Station
IPTV Operators
Cinema
Agencies
• Creative
• Media
Buying
• Outdoor
Market Tech
Design
Architecture
Landscaping
Fashion
Tech
Application –
UI/UX
Tourism and
Hospitality
Hotels
Travel and
Tour Operators
Festivals
Exhibitions
Carnivals

6. Dimensions of the Creative Economy
COMPONENTS
From Culture to Technology
• Craft
• Fashion
• Acting and Performing Arts
• Lifestyle Application
From Creative Arts to Motion
Picture
• Arts
• Graphics and Animation
• Photography
• Motion Picture
• Editing
CONVERGENCE
Technical Inputs
Trade
Technology
Tourism
COLLABORATION
Acquisition of strategic
assets currently
underleveraged to create
value-chain-linkages and
access to co-shared facilities
and financing, marketing
and other support services

7. Nigeria’s Creative Economy
Nigeria's Creative Economy is a significant contributor to the country's
GDP.
According to the National Bureau of Statistics, the creative industry
contributed about 2.3% to Nigeria's GDP in 2019, which was equivalent
to N239.9 billion.
Nollywood, the Nigerian film industry, is one of the largest in the world in
terms of the number of films produced annually and is estimated to be
worth over $7 billion.
The music industry in Nigeria has thrived, producing internationally
recognized artistes like Wizkid and Burna Boy, and generating significant
revenue through music sales, concerts, and endorsements.
The fashion industry is also growing, with Nigerian designers gaining
recognition globally and creating jobs for local artisans and craftsmen.
The visual arts and literature sectors also contribute significantly to the
creative economy, with Nigerian artists and writers gaining recognition
and acclaim worldwide.

8. Contribution of Creative Industries to Nigeria’s Economy
• Motion picture and music recording
accounted for roughly 753 billion
Nigerian naira (NGN) (roughly 53.5
billion U.S. dollars) of Nigeria's GDP in
2021. Despite the significant
contribution of the movie and music
industry to the country's GDP, that of
telecommunications and information
services stood at 9.1 trillion NGN
(around 647 billion U.S. dollars),
representing the most valuable sector
in the information and communication
industry.
• Nollywood alone employs 200,000 people directly and 2 million
indirectly.
• Nollywood is world’s second largest film industry with its potential
annual revenue of N522 billion; over 2000 movies produced per
annum and a captive viewing audience of over 200 million across
Africa and beyond. c. James Osasona
c. Satisense

9. Growth of Nigeria’s Creative Economy
S/N YEAR GROWTH
1. 2017 1.41%
2. 2018 1.42%
3. 2019 2.32%
4. 2020 2.25%
c. Nigeria Bureau of Statistics

10. Creative Economy’s Contribution to Employment
• According a Jobberman 2021
report, the creative industry is
Nigeria’s second-largest employer
and has the potential to produce
2.7million jobs by 2025.
• Additionally, it is set to contribute 5
trillion naira to the country's GDP.
• The report also reveal that there
are future employment
opportunities from highly
specialised roles such as
videography and animation as well
as generalist roles such as project
managers and accountants, and
tech creative roles such as digital
marketing.
c. Jobberman

11. 2. The
Assets

12. National Theatre Lagos
• The National Theatre, Nigeria is the primary
centre for the performing arts in Nigeria.
• The complex is located in Iganmu, Surulere,
Lagos.
• Its construction was completed in 1976 in
preparation for the Festival of Arts and
Culture (FESTAC) in 1977.
• Over the years, the facility has been grossly
underleveraged and left to rot before the
Bankers Committee acting under the
coordination of the Central Bank of Nigeria
decided to renovate the complex with a view
to refocusing it as a truly commercial
enterprise able to sustain itself.

13. Moshood Abiola Stadium Abuja • The stadium was constructed to host the 8th
All Africa Games, which took place in October
2003.
• The Federal Government of Nigeria approved
the contract for the construction of the
National Stadium complex and Games Village
on 18 July 2000.
• A multipurpose national sports stadium
located in Abuja, in the Federal Capital
Territory of Nigeria.
• The stadium serves as a home to the Nigerian
national football team, as well as a centre for
various social, cultural and religious events.
• The major challenge with maximizing the
potential of the facility is the absence of an
active sports and cultural calendar and the
lack of a commercial basis for running the
facility.

14. Key Attributes of Assets
• Located in cities with thriving local
economy and multi-tier opportunities
for nestling of a creative economy.
• They are public assets owned by
government without a sound
business-cum-commercial
proposition underscoring their
management.
• Assets have potential to rally the
creative industry and create an
integrated model, which will grow
value by tapping into synergies.
• Can drive phenomenal businesses
and touristic mileage.

15. Market Scenario
• Various interests exist in government, the arts
and culture industry, labour, media, financial and
investment environment that needs to be
considered as we push for the take-over and
optimisation of the National Theatre Lagos and
the Abuja National Stadium as strategic assets for
the upgrade of Nigeria’s creative economy.
• There are however prevailing issues from the
social to the political and economic, which must
be properly managed to secure grounds for the
achievement of business objectives.
• The public asset acquisition by private interest is
new to the Nigerian environment and will require
an efficient and timely management of
expectations of various stakeholders.

16. Possible Obstacles on the Path of Asset Take-over
MITIGANTS Detailed analysis of the prevailing disposition towards public
Assets take-over by private interests
Identification of core target groups, especially those that
have the ability to influence the media
Establish a clear need for new model and build a relational
model, which aligns with the needs of target groups and
develop a stakeholder engagement model to stave off crisis
Government
Approvals
Protests by
different
interests
Legislative
Sittings
on Issue

17. Market Intelligence / Crisis Control
Platforms
• Market Research / Environmental Scan
• Issues Audit
• Stakeholder Management / Community Relations
Approach
• Operations mapping and stakeholder analysis
• Issues Monitoring and Trend Analysis
• Government, Regulators, Industry and Media
database and contact-list compilation and
management
• Tours and Expo facilitation, Media Parley with
Necessary desks and publications

18. 3.
Proposition
for taking
over the
Assets

19. Strengthening Nigeria’s Creative Economy Through the
Acquisition of Two Strategic Assets
• The National Theatre Lagos
• Moshood Abiola Stadium Abuja
Target Assets
• Transform assets into a hub for the nestling of Nigeria’s
creative economy through the development of
structure, which allows for value chain and economic
linkages of critical aspects of the creative economy
• Creation of bankable propositions, which ties in
businesses across this value-chain while leveraging
global partnerships to optimise benefits of co-location
Projections

20. Objective for Asset Acquisition
• Promote the transition to new
models of sustainable development
based on green and smart economy
• Efficiently operate
underleveraged public assets
useful for Nigeria’s creative
economy
• Leverage hub approach for
development of linkages between
creative industry operators
• Create a support base for
optimising productivity and
economic basis of the creative
industry
• Increase creative economy’s
contribution to Nigeria’s GDP

21. Sweating the Assets Using the Hub Strategy
▪ Build a platform that taps into
different aspects of the Creative
Economy
▪ Use Hubs in key cities with good
economic fundamentals
Economic
growth
over
time
▪ Export brands & skills across the
creative value-chain
▪ Integrate with major external markets
▪ Attract FDI into domestic market
▪ Encourage entrance of foreign
operators in alliance with local players
▪ Create linkages through unified
support structures
▪ Drive synergies across the different
industries
▪ Foster open market for creative
products and services
▪ Establish Creative Free Zone
Build Nigeria’s
Creative Economy
Strengthen the
Creative Industries
Enhance integration
and Create Market
Access
To accomplish these goals, we plan to concurrently develop the assets through creation of access to
markets; enhance integration; and engineer Nigeria’s cultural and creative revolution.

22. Tapping into Novel Opportunities
Delivery
• Economic linkages and externalities
• Growth prospects and trade flows
• Supply and value-chain cycle
• Convergence and Collaboration
• Tangible products and intangible
services
• Formal and informal sectors
alliances
• Dealing with connectivity and
multi-media
Detailing
• Invite creative Industries to operate
out of the Assets, now acting as a
hub with common support services
• Central Business Planning
• Hub resourcing
• Financial Management
• Marketing and International
Collaborations
Direction
Assets
Take-over

23. Project Flow
• Run a needs assessment
• Identify relevant communities and platforms for project success
• Interact across Creative Industries for partnership and participation in projects
• Develop operational model that taps into synergies and delivers projected outcome
• Close the Financial Deal for Asset Take-over and SPV set-up
• Push towards operational day one.
Needs
Analysis and
Business
Planning
Relevant
Communities
Identification
Development
and
Testing of
Operational
Model
Financial
Deal Close
Project
Execution

24. Delivering the Project
The route will be a combination of Operations and Financial strategies and structures, which delivers on
objectives.
Concessionaires to target industry operators to buy into project and create the ideal financial model to
sustainably push to create sound economic basis through forging linkages between operators of different
aspects of the creative industry.
Private
Equity
Private
Debt
Providers
Floating an SPV with Capacity and Access to Funding as Operator of Assets
Infrastructure Concession Regulatory
Commission
Ministry of Information and Culture / Ministry of Youth and Sports
Current Asset Holders working with the Bureau of Public Enterprises (BPE)

25. Thank You