MOFI & Culture Ministry Partner To Monetize Nigeria’s Cultural Wealth

The Ministry of Art, Culture, Tourism, and Creative Economy has joined forces with the Ministry of Finance Incorporated (MOFI) to unlock the financial potential of Nigeria’s rich cultural assets.

This strategic alliance is designed to transform Nigeria’s artistic and heritage resources into viable economic assets, creating investment opportunities, boosting government revenue, and ensuring the preservation of cultural heritage through structured monetization.

Monetizing Nigeria’s Cultural and Creative Assets

Through this initiative, Nigeria’s tangible and intangible cultural assets—including heritage sites, paintings, arts, festivals, copyrights, tourism brands, digital content, and indigenous knowledge—will be cataloged, valued, and securitized. The move aims to bridge the gap between cultural appreciation and financial viability, positioning the creative sector as a major driver of economic transformation.

Dr. Armstrong Ume Takang, Managing Director and CEO of MOFI, emphasized the significance of this collaboration in reviving the nation’s underutilized cultural wealth.

“For too long, Nigeria’s artistic and cultural treasures have been admired but undervalued. This initiative will spotlight their true economic worth and generate new revenue streams for both the government and private investors,” he noted.

Dr. Takang further referenced the sale of Ben Enwonwu’s iconic painting, ‘Tutu’, which was auctioned for £1.2 million in London in 2018, contrasting it with the vast uncatalogued and unvalued collections within Nigeria.

Strategic Alignment with National Economic Goals

Barrister Hannatu Musa Musawa, Minister of Art, Culture, Tourism, and Creative Economy, highlighted that this initiative aligns with President Bola Ahmed Tinubu’s vision of leaving a lasting economic and cultural legacy.

By integrating financial structures into Nigeria’s creative and tourism industries, the project aims to enhance the value of cultural assets while ensuring long-term sustainability.

Conclusion: A New Era for Nigeria’s Cultural Economy

The monetization of Nigeria’s cultural assets represents a bold step toward economic diversification. By tapping into the financial potential of the arts, tourism, and creative sectors, the government is set to unlock immense value that will benefit both the nation and its citizens.

For further reading on global cultural asset monetization, visit World Economic Forum.