In a landmark move to reposition Nigeria’s economy through non-oil sectors, the Federal Executive Council (FEC) has approved the establishment of the Creative and Tourism Infrastructure Corporation (CTICo)—a groundbreaking initiative expected to attract $100 billion in investment and generate over two million jobs across the country.
The announcement was made by the Minister of Arts, Culture, and Creative Economy, Barrister Hannatu Musa Musawa, during the 2025 Ministerial Press Briefing in Abuja. The CTICo initiative, she said, will serve as a major catalyst for economic diversification, infrastructural development, and inclusive job creation, particularly among youth, women, and rural communities.
CTICo will serve as a development finance institution and infrastructure enabler, focusing on large-scale projects in the creative and tourism industries. The corporation aims to bridge the infrastructure deficit that has long hindered Nigeria’s potential as a global cultural powerhouse and tourism destination.
“We are creating infrastructure that will generate over 2 million jobs while elevating Nigeria’s global cultural standing,” Musawa said. “This is not just about creativity—it’s about economic transformation through inclusion.”
Alongside CTICo, the FEC approved several other initiatives including:
Creative Economy Development Fund (CEDF): A special financing vehicle to support creative enterprises.
Creative Leap Acceleration Programme (CLAP): A digital platform offering creatives access to funding, co-working spaces, and cutting-edge technology.
Intellectual Property (IP) Monetisation Pilot: A program designed to turn intellectual property into securitized financial assets.
The Ministry has already secured $200 million in investment commitments through strategic partnerships, especially with Afrexim Bank, which will operationalize the first tranche by June 1, 2025.
To further strengthen the initiative, the Ministry has signed a Memorandum of Understanding with the Ministry of Finance Incorporated (MOFI), which will serve as an anchor shareholder for the CEDF. Through this partnership, the government intends to catalogue, value, and securitize Nigeria’s tangible and intangible creative assets, unlocking new streams of revenue.
“This collaboration ensures government-owned creative assets are not just sitting idle—they become tools for wealth creation,” Musawa emphasized.
The Ministry is also working with the National Council for Arts and Culture (NCAC) and Mefa Abuja to build six state-of-the-art performance venues across the country. Moreover, concessionary funding from the French Treasury for creative infrastructure has increased from €35 million to €100 million, further underlining international interest in Nigeria’s creative potential.
As part of the ministry’s mapping of the creative economy, five key segments in the music value chain have been identified—ranging from production to marketing. These sectors are projected to generate over 500,000 jobs by 2030. Regional hubs such as Lagos, Edo, Delta, and Plateau States are being primed to lead the charge.
“This sector will thrive through self-employment and micro-enterprise pathways. Our mapping study will be formally released in early June,” Musawa confirmed.
Recognizing policy gaps in the sector, the Ministry, in collaboration with the Nigerian Economic Summit Group (NESG), is working to overhaul outdated regulations and craft new frameworks. These include:
National Policy on Intellectual Property Rights
Policy on Incentivizing the Art, Culture, and Creative Economy
Review of the 2005 National Tourism Policy
Review of the 1988 National Cultural Policy
Policy on Monetary and Credit Solutions for the Creative Economy
2024 NFVCB Regulations focused on modern classification over censorship
The updated policies will modernize governance structures, promote investor confidence, and support safer, globally competitive content.
Despite these strides, the Minister acknowledged persistent challenges:
Funding gaps remain a major hurdle for creative entrepreneurs.
Global competition demands higher production quality and market readiness.
Tourism infrastructure is still underdeveloped in many regions, despite progress in places like Ikogosi Warm Springs.
“We are addressing these challenges through public-private partnerships and strategic policy shifts. Our goal is to make Nigeria the creative and cultural capital of Africa,” Musawa stated.
To maximize revenue and ensure compliance, the Ministry is working with the Federal Inland Revenue Service (FIRS) to build a tax system that encourages formalization without stifling innovation in the informal creative sector.
With CTICo and the Ministry’s comprehensive strategy, Nigeria is poised to not only diversify its economy but also redefine its global image through the power of culture, creativity, and tourism. The creative economy is no longer on the sidelines—it’s taking center stage.