The Ministry of Art, Culture, Tourism, and Creative Economy has signed an MoU with MOFI to monetize Nigeria’s cultural assets. Dr. Armstrong Takang from MOFI highlighted the initiative’s aim to recognize and capitalize on the nation’s artistic treasures, thereby driving economic growth in the cultural and creative sectors.
The Ministry of Art, Culture, Tourism, and Creative Economy has formalized a partnership with the Ministry of Finance Incorporated (MOFI) through a Memorandum of Understanding. This agreement aims to monetize the federal government’s substantial untapped cultural assets, facilitating economic growth within the cultural and creative sectors.
The signing took place at the Bank of Industry House, where Dr. Armstrong Takang, the managing director and chief executive officer of MOFI, emphasized the collaboration’s potential. This initiative seeks to ignite the nation’s creativity and effectively utilize its cultural assets by categorizing, valuing, and securitizing them for new revenue streams.
Dr. Takang remarked on the importance of recognizing Nigeria’s cultural wealth, stating, “Today, we stand on the threshold of a new era in Nigeria, where the nation’s rich cultural wealth, previously admired yet undervalued, steps into the spotlight as a significant driver of economic transformation.” He highlighted that the country has long overlooked its artistic treasures, which could serve as valuable economic opportunities.
The initiative highlights the striking example of the impact of cultural assets, referencing an Enwonwu painting that fetched £1.2 million in a 2018 London auction—contrasted against Nigeria’s uncatalogued national collection. The collaboration aims to transform these cultural pieces into significant economic resources.
Additionally, the partnership is positioned as a proactive effort to awaken the potential of Nigeria’s cultural heritage, which encompasses arts, heritage sites, festivals, and traditional knowledge among others, positioning them as engines of prosperity.
In conclusion, the partnership between the Ministry of Art, Culture, Tourism, and Creative Economy and MOFI represents a strategic step toward unlocking Nigeria’s cultural assets. This initiative promises to amplify economic transformation by recognizing and monetizing the nation’s artistic heritage. By cataloging and valuing these assets, the collaboration aims to create new income streams and investment opportunities, emphasizing the importance of cultural wealth in driving economic growth.
Original Source: leadership.ng
