The Ministry of Art, Culture, Tourism and Creative Economy has signed a Memorandum of Understanding with the Ministry of Finance Incorporated MOFI to unlock and monetize the vast, untapped potential of the Federal Government’s tangible and intangible assets, driving economic transformation and growth in the cultural and creative sectors.
At the ceremony which took place at the Bank of Industry House, the Managing Director / Chief Executive Officer of the Ministry of Finance Incorporated, Dr. Armstrong Ume Takang said that the Memorandum of Understanding between MOFI and the ministry will awaken the nation’s creativity and heritage and activate its dormant cultural assets.
“These assets will be cataloged, valued, and securitized to generate new income streams for the government and create investment opportunities for Nigerian citizens.
“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.
“For far too long, we have walked past our nation’s artistic treasures without recognizing their true economic value. These cultural assets are not just decorations; they are economic opportunities waiting to be valued and optimized. Consider the profound impact: a single Enwonwu painting, ‘Tutu,’ sold for £1.2 million at a London auction in 2018, while our own National collection remains largely uncatalogued and unvalued.
This collaboration will also create a platform to turn these pieces into an economic power.
“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. We are here to unlock the vast, untapped potential of the Federal Government’s tangible and intangible assets— which include our arts, paintings, heritage sites, festivals, tourism brands,
copyrights, digital content, traditional knowledge, and turn them into engines of prosperity”.
In her response, the Minister, Barrister Hannatu Musa Musawa thanked MOFI for the partnership, adding that the project aligns with the strategies of the ministry.
“The real untapped wealth and the future of Nigeria lies within its cultural heritage. President Bola Ahmed Tinubu mandated us to leave a long lasting legacy that will not only outlive his administration but a sustainable industry for the future generation.
“With this mandate given to us by Mr President to think outside the box, we are very lucky to partner with that arm of government that shares the same vision and hunger for innovation, so in working with you to put up this fantastic structure for the creative and cultural industry, it helps us open up that potential, and we are committed to seeing that creatives and the Nigerian government will start making commensurate income for the worth of their talents, tangible and intangible assets”.
The initiative has four key objectives: to generate new income streams for the government, create investment opportunities for Nigerian citizens, enhance the preservation of cultural heritage by linking it to economic value, and position Nigeria as a pioneer in cultural asset securitization in Africa.
