• Creative
• FEC
• Musawa

NIGERIA LAUNCHES PUBLIC-PRIVATE PARTNERSHIP TO TRANSFORM CULTURAL, TOURISM, CREATIVE SECTORS

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  Nicolas Adekeye / 1 month
• 0
• 2 min read

The Federal Executive Council (FEC) has approved the establishment of the Creative and Tourism Infrastructure Corporation (CTIC), a Special Purpose Vehicle (SPV) designed to bridge the infrastructure gap in Nigeria’s tourism and creative industries. This initiative, spearheaded by the Minister of Art, Culture, Tourism, and the Creative Economy, Hannatu Musawa, aims to drive economic diversification, job creation, and cultural preservation. The CTIC will operate under a public-private partnership model, attracting local and international investors to fund and develop world-class infrastructure that supports the creative sector. The goal is to generate $100 billion for the Nigerian economy and create 2 million jobs, aligning with Presidential Priority 7 on economic diversification. Minister Hannatu Musawa emphasized the importance of modern infrastructure in unlocking Nigeria’s full creative potential. “Everyone recognizes Nigeria’s creativity—our films, music, and fashion dominate globally. But without the right infrastructure, we can’t maximize this potential. Imagine if ‘Detty December’ in Lagos had world-class venues—the economic impact would be exponential,” she said. The CTIC will engage in strategic partnerships with organizations such as AFREXIM, IFC, World Bank, AfDB, AFD, EU, Ford & Rockefeller Foundations, and UNESCO for funding and expertise. The Nigerian Government will hold a 25-49% minority stake in the CTIC through the Ministry of Finance Incorporated (MOFI), ensuring private-sector efficiency and leadership. Flagship projects under the CTIC include the rehabilitation of Obudu Resort and Yankari Game Reserve, development of Abuja Creative City, creation of 5,000 cinema screens nationwide, and the launch of a Centre for African Arts. The CTIC approval marks a significant shift towards making Nigeria a global hub for tourism, film, music, and cultural heritage, positioning the country as a leading player in the global creative economy.