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Patron MCAA Directors Share How Nigeria Can Earn $13bn Revenue From the Art Industry

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Lagos, Nigeria – Speaking at a recent briefing, Keturah Ovio and Peter Imo, co-directors at Patrons MCAA, shared deep insights towards how Nigeria could unlock more than $13 billion in annual revenue from its thriving art industry. They also announced the upcoming Small and Iconic Miniature Arts Exhibition, scheduled from September 30 to October 15, 2023.
Photo credit: Benson Ibeabuchi / AFP

Ovio pointed out that the art industry can significantly contribute to a nation’s gross domestic product (GDP), with a range of two to ten percent shown by global experiences.

She stated: “Nigeria is missing up to $13.2 billion in annual revenue opportunity from the arts industry due to a lack of investments and the right policies to drive the sector. $13.2 billion in revenue amounts to only three percent of Nigeria’s total GDP of $440 billion, which is feasible and realizable.”

Ovio noted that South Africa’s visual arts and crafts made a remarkable 15% contribution to its GDP in 2020, compared to Nigeria’s arts, entertainment, and recreation sector, which only contributed 0.21% to the second-quarter GDP of 2023, with an increase from 0.16% in the same period of 2022.

“Even Kenya’s arts and creative industries contribute five percent to the GDP. We can do three percent, which is just a conservative estimate for me. Nigeria needs to invest heavily in the arts industry to boost revenue earnings from it,” she added

To fully realize its potential, the arts industry in Nigeria needs substantial investments. Imo emphasized the importance of attracting audiences of all ages to the arts and suggested allocating annual budgets to support the sector. The goal is to promote local works on a global scale, and this requires funding Nigerian artworks and artists to participate in global exhibitions and events.

It’s important for all stakeholders to work together to develop the arts industry, not just the government. To make it more appealing, allocating budgets to support Nigerian arts is one way to achieve this. 

Patrons MCAA’s upcoming exhibition, “5 in Focus,” embodies this commitment to showcasing the potential of the Nigerian and African arts industry. Attendees are encouraged to support this event.

 “With great pride, we will present five exceptional artists from five diverse nations – Cameroon, Nigeria, South Africa, Rwanda, and France,” Imo added

The artists listed for the exhibition include Lambert Shumbusho (Rwanda/France), Abrifor Silas (Nigeria), Justine Gaga (Cameroon), O’Dare Adenuga (Nigeria), and Thabiso Dakamela (South Africa).

Author

Derrick Chidumebi is a creative writer and growth marketer hailing from Lagos, Nigeria. He holds a Bachelor's degree in Industrial Chemistry from Olabisi Onabanjo University, Nigeria, and is the founder of The Eko Place, a media/marketing agency based in Lagos, Nigeria. Currently, he serves as a writer for Art News Africa.

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