The Business Day Creative Entertainment Summit held recently at Oriental Hotel, Victoria Island, Lagos examined the structural reforms required to unlock the Nigerian creative sector’s long-term growth and economic potential.
The summit, which brought together leading stakeholders from the creative industry, financial institutions, government agencies, development partners, and private sector organisations, provided a platform for robust discussions on the opportunities and challenges shaping Nigeria’s creative economy, with participants exploring pathways for building a more sustainable, globally competitive and investment-ready industry.
Speaking during a panel session, Nnenna Jacob-Ogogo, Group Head, SheVentures and Impact Segments, First City Monument Bank (FCMB), noted that while Nigerian creatives continue to achieve remarkable success on the global stage, the industry’s future growth will depend on the strength of the ecosystem supporting creative talent and enterprises.
According to her, Nigeria’s creative industry has demonstrated extraordinary resilience and innovation, producing globally recognised artistes, creators and businesses despite operating within an environment characterised by significant structural constraints.
“The success stories we celebrate today are proof of the immense talent, creativity, and entrepreneurial spirit that exists within Nigeria’s creative industry. However, for sustainable growth to occur, we must move beyond individual success stories and focus on strengthening the system that enables creative enterprises to scale, compete, and create lasting economic value.
“Financing is important, but capital alone cannot solve the industry’s challenges. We must also address issues around intellectual property protection, efficient royalty collection mechanisms, business formalisation, governance standards, data transparency, distribution networks, industry infrastructure, and capacity building. These are the foundations that attract investment and support sustainable growth,” she said.
Jacob-Ogogo further noted that stronger institutional frameworks would not only improve investor confidence, but also enable creative entrepreneurs to build scalable businesses capable of creating jobs, generating export earnings, and contributing meaningfully to national economic development.