Nigeria’s Ministry of Culture Partners with MOFI to Monetize Cultural Assets

A new partnership between Nigeria’s Ministry of Art, Culture, and MOFI aims to monetize the country’s cultural assets. Dr. Armstrong Takang highlights the potential economic transformation and investment opportunities stemming from this initiative. Notable examples underscore the importance of recognizing and valuing cultural treasures to drive growth in the creative sector.

The Ministry of Art, Culture, Tourism, and Creative Economy has formalized a collaboration with the Ministry of Finance Incorporated (MOFI) through a Memorandum of Understanding (MoU). This initiative aims to tap into the extensive potential of Nigeria’s cultural assets, both tangible and intangible, fostering economic growth in the creative sector.

During the signing ceremony at the Bank of Industry House, Dr. Armstrong Takang, managing director and CEO of MOFI, emphasized how this MoU would revitalize the nation’s creative heritage. He remarked that the partnership would unlock dormant cultural assets, enabling them to be cataloged, valued, and securitized, ultimately generating new revenue for the government and opportunities for investment by citizens.

Dr. Takang stated, “Today, we stand on the threshold of a new era in Nigeria, where the nation’s rich cultural wealth… steps into the spotlight as a significant driver of economic transformation.” He underscored the critical need to recognize the economic potential of cultural treasures, invoking the example of an Enwonwu painting, which sold for £1.2 million at auction, while numerous national assets remain unrecorded.

He further commented, “This Memorandum of Understanding between MOFI and FMACCE isn’t just a partnership; it’s a clarion call to awaken the sleeping giants of our nation’s creativity and heritage.” The focus on this collaboration is to transform art, heritage sites, festivals, and digital content into sources of prosperity for the nation.

The partnership between the Ministry of Art, Culture, Tourism, and MOFI signifies a pivotal step towards monetizing Nigeria’s invaluable cultural assets. By recognizing and utilizing these resources, the initiative aims to foster economic growth and generate new income streams for the government while highlighting the global significance of Nigeria’s cultural heritage. This collaboration embodies a commitment to transforming the country’s cultural wealth into economic opportunities.

Original Source: leadership.ng