Nigeria’s Next Oil? Lai Mohammed Reveals Sector With Massive Economic Potential

Former Minister of Information and Culture, Lai Mohammed, has identified Nigeria’s creative industry as the country’s potential “next oil”, arguing that the sector could play a major role in creating jobs and expanding the economy.

Mohammed made the remark in Abuja during a meeting between the leadership of the National Institute for Policy and Strategic Studies (NIPSS) and the Minister of Art, Culture, Tourism and the Creative Economy, Hannatu Musawa.

The meeting was part of efforts by NIPSS and the ministry to develop strategies for harnessing the creative sector to support President Bola Tinubu’s target of growing Nigeria’s economy to $1 trillion by 2030.

Mohammed, who is the Managing Partner of Bruit Costaud, a consulting firm involved in the forthcoming National Summit and Exhibition on the Orange Economy, said the creative sector has significant potential to generate employment and stimulate economic growth.

He urged Nigeria to reduce its dependence on crude oil by taking greater advantage of opportunities in its creative and cultural industries.

“I have always said it when I was a minister that our next oil is actually the creative industry, it’s our films, music, gastronomy, fashion, publishing, sports and others.

“We look at this ministry as one of the most important ministries because after agriculture, the ministry employs the largest number of people,” Mohammed said.

Also speaking, the Director-General of NIPSS, Ayo Omotayo, said the institute had deliberately aligned its research activities with the Federal Government’s economic agenda.

Omotayo noted that despite the creative industry’s economic potential, it had not received sufficient attention in policy research.

He explained that the institute’s forthcoming summit was designed to generate practical ideas and strategies for developing the sector and unlocking its economic value.

“For the National Institute, we have bonded ourselves to the Agenda of Mr President, in which he wants Nigeria to reach a trillion-dollar economy by 2030,” Omotayo said.

He explained that NIPSS had, since 2023, examined various sectors of the Nigerian economy to identify areas capable of providing the leverage required to achieve the government’s economic target.

“Back then in 2023, we looked at different sectors of our economy, and we chose areas where evidence has shown that we can actually reach the TDE if we plan very well. So for the National Institute, this is the last of the sectors that we can find enough leverage and push to get Nigeria to the One Trillion Dollar Economy,” he said.

Omotayo added that the decision to focus on the creative sector was informed by its relevance to everyday life and its connection to social activities, arts and culture.

“We decided to choose the ministry because all our lives revolve around what this ministry does. All our social activities revolve around arts and culture and other things.

“About 50 years ago, the technology we have today did not exist, and with the technology we have today, a whole lot of things are happening, and we believe the arts and culture sector can also benefit,” he added.