President Muhammadu Buhari says the creative sector is expected to contribute $10 billion to the country’s gross domestic product (GDP) in the 2021 fiscal year.
Buhari made the comment on Friday at Arise Fashion Week 2021 in Dubai where he was represented by Niyi Adebayo, minister of industry, trade and investment.
In the third quarter of 2021, Nigeria’s GDP grew by 4.03 percent year-on-year in real terms, showing sustained positive growth over the last four quarters since the 2020 recession.
According to the president, the creative sector currently employs more than four million people, and is well positioned as the second-largest employer of labour.
“After agriculture, the creative sector is the second largest employer of labour in Nigeria today,” the president said.
“This is further underlined by a recent report on Nigeria’s creative industry which showed that the industry is positioned as the second-largest employer and has the potential to produce 2.7 million new jobs by 2025.
“There’s no doubt that Nigeria’s creative sector holds tremendous potential to unlock Nigeria’s economy and increase employment opportunities for young people.
“The projections are promising as the sector is expected to deliver over $10 billion by the end of 2021, making a tremendous contribution to the country’s GDP.”
Furthermore, the president said the government’s support of the telecommunications sector contributed to an increase in broadband penetration from six percent in 2015 to 45.07 percent as of November 2021.
“And now, the road to 5G has begun; I urge the world to watch Nigeria as we reveal and transform,” he added.