The second edition of the QEDNG Creative Powerhouse Summit, convened by Mighty Media Plus Network Limited at the Radisson Blu Hotel in Ikeja GRA, Lagos, concluded with a unanimous declaration by key stakeholders that Nigeria’s creative economy cannot thrive on raw talent alone, reports ITREALMS.
Opening the conversations, QEDNG Publisher and Summit Convener Olumide Iyanda underscored the persistent institutional barriers suppressing emerging creators across the country.
He noted that while Nigeria continually produces exceptional icons, thousands of promising talents wither before reaching their full potential due to an absent structural backbone.
Iyanda stressed that great scripts in Nollywood often fail not because of poor storytelling, but because they lack adequate financial backing.
Echoing this sentiment, Gabriel Ukachukwu, Managing Director of SmartCity Plc, who represented summit Chairman Demola Aladekomo, urged the nation to build an integrated commercial ecosystem rather than relying on isolated successes.
Citing UNCTAD data showing global creative exports reaching $1.7 trillion in 2024, Ukachukwu emphasized that creativity is no longer on the fringes of global commerce and outlined three imperatives for Nigeria: transitioning talent into structured business entities, reforming creative financing, and aggressively enforcing intellectual property protection.
Delivering the keynote address, Ife Adebayo, National Coordinator of the Investment in Digital and Creative Enterprises (iDICE) programme, pointed out that Nigeria’s creative sector currently contributes approximately 1.2 percent to national GDP, compared to nearly 3 percent in South Africa, where better infrastructure, policies, and measurement tools exist.
Drawing parallels to South Korea’s deliberate state investment in cultural exports and America’s strategic use of storytelling to project national influence, Adebayo argued that stories shape global perception and economic outcomes.
To address the critical funding deficit, he disclosed that the iDICE programme has established a $45 million debt fund, a $65 million Islamic finance facility, and targeted equity options designed to crowd in private capital.
He challenged financial institutions to stop treating creative endeavors like personal loans and start treating them as bankable asset classes, urging corporate Nigeria to fund the sector directly rather than offering surface-level event sponsorships.
The summit featured two dynamic panel sessions exploring policy, infrastructure, and monetization pathways. The first panel, focused on building tomorrow's creative economy, featured X3M Ideas CEO Steve Babaeko, Dr. Olamide Okulaja of the Lagos State Ministry of Commerce, Narrative Landscape Press CEO Anwuli Ojogwu, and Rivers State Tourism Development Agency DG Yibo Koko, moderated by former Lagos Commissioner Steve Ayorinde.
The second panel centered on creative sector needs, featuring veteran actress Joke Silva, Buckwyld Media Founder Efe Omorogbe, digital creator Kiekie, and tech commentator Fisayo Fosudo, moderated by Funke Treasure.
Supported by major financial and corporate institutions including FirstBank, NLNG, Zenith Bank, Fidelity Bank, The Africa Soft Power Group, LIRS, and Polaris Bank, the summit established that writing Nigeria's next economic chapter requires an active, coordinated partnership between creators, financiers, and policymakers.
Short URLs: goo.gl, mcaf.ee, cli.gs
No comments:
Post a Comment