Experts Urge Smart Capital, New Mindset to Unlock Nigeria’s Creative Economy
LagosExplorer reports: Industry leaders and policymakers have stressed the urgent need for patient investment and a change in mindset to unlock the full potential of Nigeria’s booming creative economy. Speaking at the maiden QEDNG Creative Powerhouse Summit in Lagos, stakeholders described the sector as one of the country’s most valuable economic assets, yet hampered by structural funding gaps and outdated business approaches.
Founder of QEDNG, Olumide Iyanda, noted that the creative industry currently contributes an estimated $5.6 billion to Nigeria’s GDP and ranks as the second-largest employer of labour. He highlighted the federal government’s ambitious target to grow the sector’s value to $100 billion by 2030, calling for “honest conversations” on how to turn ideas into commercially viable products while adopting bold, business-minded strategies.
Group Managing Director of SO&U, Udeme Ufot, emphasised that simply injecting capital into the industry is not enough. He warned against indiscriminate funding, instead urging for sustainable and accessible financing tailored to the long development cycles of creative projects.
In her keynote address, Dr. Nkiru Balonwu, founder of The Africa Soft Power Group and former CEO of Spinlet, argued that the real issue is not the absence of money but the lack of structured, scalable investment frameworks. She called for tiered funding models that support projects at different stages, as well as investments in critical infrastructure such as intellectual property banks, rights-management platforms, and affordable production facilities. She urged creatives to begin seeing themselves as entrepreneurs and institution builders.
Panel discussions at the summit revealed that many creatives still struggle to access funds from banks, investors, and government agencies. Participants, including filmmaker Kunle Afolayan, AFRIMA’s Mike Dada, and media entrepreneur Mary Ephraim-Egbas, urged financial institutions and policymakers to better understand the unique needs of the industry. Government representatives, along with executives from First Bank, Providus Bank, and The Temple Company, pledged closer collaboration with the sector.
The event attracted notable figures such as presidential aide Temitope Ajayi and Lagos State’s media adviser Gboyega Akosile, underlining the growing recognition of the creative industry’s role in Nigeria’s economic future.