Creative Economy Ambition Outruns Institutional Readiness

By Ovio Peters

Nigeria’s push to diversify beyond oil is drawing renewed attention to the tourism and creative sectors, with policymakers and private actors increasingly positioning culture as an economic growth lever.

At the National Tourism and Creative Stakeholders Engagement hosted by The Presidency in partnership with Sterling Bank, stakeholders examined funding constraints and competitiveness gaps within the sector. The forum convened cultural entrepreneurs, financiers, and industry figures to explore how financial systems can better support Nigeria’s expanding creative output.

Bakare Mubarak, Founder and Creative Director, BILARTERAL, and Co-founder, Expedition 54 Limited, used the platform to press for stronger institutional alignment behind the creative economy.

DECISION HIGHLIGHT
Bakare Mubarak framed the creative sector as a strategic export channel that remains structurally under supported.

“We are not just exporting art; we are exporting the Nigerian soul. When Nigerian creativity reaches global platforms, whether in New York or London, it must be supported by the financial and institutional structures that convert talent into sustainable national wealth,” Mubarak said.

The session, themed ‘Co creating Financial Solutions for Nigeria’s Tourism and Creative Economy,’ brought together Lanre Da Silva Ajayi, fashion designer; Olisa Adibua, media personality; and Wale Ojo Lanre, tourism advocate, signalling cross sector concern about financing gaps.

DECISION MEMO
The intervention by Bakare Mubarak reflects a growing consensus within Nigeria’s creative ecosystem, that cultural visibility has outpaced financial infrastructure. The country’s soft power footprint continues to expand globally, yet monetisation pathways remain uneven and often informal.

Mubarak’s central argument, that institutional and financial systems must catch up with youth driven innovation, is analytically sound. Nigeria’s creative sectors, particularly fashion, music, and visual arts, have demonstrated export traction. However, the conversion of that traction into sustained foreign exchange earnings and scalable enterprise value is still constrained by fragmented funding pipelines, weak intellectual property enforcement, and limited export finance support.

The Presidency’s involvement in the engagement indicates rising policy awareness. Still, the disclosed material stops short of outlining concrete financial instruments, such as creative sector credit guarantees, tax incentives, or structured investment vehicles. Without these, the conversation risks remaining aspirational.

Mubarak’s planned leadership of a Nigerian delegation to the 18th Harlem Fine Art Show in New York adds a practical test case. International exposure can expand market access and collector relationships. Yet global showcasing, in isolation, rarely delivers durable sector transformation unless supported by domestic market deepening and capital recycling mechanisms.

The broader stakeholder consensus that the creative industries can boost employment, tourism inflows, and foreign exchange earnings is credible. The unresolved issue is execution discipline, specifically how Nigeria moves from episodic international appearances to a repeatable export and monetisation framework.

At present, the policy narrative is advancing faster than the financial plumbing required to sustain it.

DATA BOX
Event: National Tourism and Creative Stakeholders Engagement
Host: The Presidency in partnership with Sterling Bank
International exposure: 18th Harlem Fine Art Show, New York
Key sectors referenced: Fashion, film, visual arts, music

WHO WINS / WHO LOSES
Who wins:
• Export ready Nigerian creatives with international market access
• Galleries and curators linked to global art circuits
• Financial institutions that develop early creative sector products
• Tourism linked cultural enterprises

Who loses:
• Informal creators without institutional backing
• Domestic platforms lacking global distribution reach
• Investors seeking immediate scale without policy support
• Stakeholders relying solely on exposure driven growth

POLICY SIGNALS
The Presidency’s co-hosting role signals increasing federal recognition of the creative economy within Nigeria’s diversification strategy. However, policy credibility will depend on whether dialogue translates into structured financing tools, regulatory clarity, and export facilitation.

Current signals remain directionally positive but operationally incomplete.

INVESTOR SIGNAL
Investor interest in Nigeria’s creative economy should remain selective. The sector shows strong demand side momentum and global cultural relevance. The constraint remains supply side finance, rights protection, and predictable revenue channels.

Near term opportunities are likely to cluster around platforms that aggregate creative output and provide monetisation infrastructure rather than purely content production plays.

RISK RADAR
Key risk factors include:
• Soft power strength without matching financial architecture
• Continued reliance on international showcases for validation
• Weak intellectual property enforcement environment
• Fragmented funding ecosystem for creative enterprises
• Policy momentum that may not convert into fiscal instruments

Nigeria’s creative economy narrative is gaining policy traction. The decisive question is whether institutional capacity will scale quickly enough to convert cultural influence into measurable economic value.