The Ministry of Art, Culture, Tourism and Creative Economy has signed a MoU with MOFI to monetize Nigeria’s cultural assets, unlocking potential economic growth. The partnership will catalog and value these assets, creating new income streams and investment opportunities. Dr. Armstrong Takang emphasized the importance of recognizing the economic value of cultural treasures, asserting that this collaboration marks a significant step forward for Nigeria’s creative sectors.
The Ministry of Art, Culture, Tourism and Creative Economy has entered into a Memorandum of Understanding (MoU) with the Ministry of Finance Incorporated (MOFI) aimed at monetizing Nigeria’s rich cultural assets. This partnership is designed to unlock the vast potential of both tangible and intangible assets belonging to the federal government, significantly contributing to economic growth and transformation in the cultural and creative sectors.
During the signing ceremony held at the Bank of Industry House, Dr. Armstrong Takang, the Managing Director and Chief Executive Officer of MOFI, highlighted that this MoU would facilitate the awakening of the nation’s creativity and heritage by activating dormant cultural assets. These assets will be meticulously cataloged, valued, and securitized to generate new income opportunities for the government and to foster investment prospects for Nigerian citizens.
Dr. Takang remarked on the significance of Nigeria’s cultural wealth, asserting, “Today, we stand on the threshold of a new era in Nigeria, where the nation’s rich cultural wealth, previously admired yet undervalued, steps into the spotlight as a significant driver of economic transformation.” He emphasized the need to recognize the economic value of artistic treasures, referencing that a single painting, such as Enwonwu’s ‘Tutu,’ sold for £1.2 million at an auction in London while many national treasures remain unvalued.
Furthermore, he indicated that this partnership has the potential to create a dynamic platform that transforms cultural pieces into economic power. The MoU is portrayed not merely as a formal agreement but as a clarion call to awaken Nigeria’s creative giants and harness the vast potential of cultural assets, including arts, heritage sites, festivals, tourism brands, and traditional knowledge.
In summary, the strategic partnership between the Ministry of Art, Culture, Tourism and Creative Economy and MOFI aims to monetize Nigeria’s cultural assets, driving significant economic growth. By cataloging and valuing these invaluable resources, Nigeria is poised to realize its true artistic and economic potential, allowing cultural treasures to contribute and thrive in the modern economy. This collaboration reflects a pivotal shift toward recognizing and leveraging cultural wealth for national prosperity.
Original Source: leadership.ng
