Economy

IN a groundbreaking move to accelerate the growth of Nigeria’s creative industries, the Federal Ministry of Art, Culture, and the Creative Economy, led by Honorable Hannatu Musa Musawa, has signed a Memorandum of Understanding, MoU, with Trace, a global Afro-centric media and creative services provider represented by Co-founder and Executive Chairman Olivier Laouchez.

This strategic alliance aims to transform Nigeria into a hub for cultural and economic innovation by leveraging the nation’s rich creative resources and empowering its youth and creators.

A Vision in Action – Supporting Nigeria’s Renewed Hope Agenda

Aligned with President Bola Ahmed Tinubu’s Renewed Hope Agenda, the partnership highlights the transformative potential of cultural wealth as a driver of economic prosperity and youth empowerment. Hon. Hannatu Musa Musawa emphasized, “This partnership represents a significant step toward realizing our vision of cultural and economic growth, while offering opportunities for our youth and creators to thrive in creative industries.”

Key Initiatives to Shape the Future

The collaboration will focus on three transformative projects:

1. Fintech Solution for Music Rights Management

Deploying a transparent digital platform to ensure fair compensation for Nigerian artists, the initiative is projected to generate $200 million annually for music creators and up to 80% of the collected revenue will be distributed to artists.

FMACT&CE will collaborate closely with the Ministry of Justice, the National Copyrights Commissions and other relevant MDAs on this ground breaking initiative.

Trace Academia

Launching Trace’s innovative e-learning platform in Nigeria, this project will equip millions of Nigerian youths with skills in music production, filmmaking, and digital marketing, while directly linking them to job opportunities. Nigerian and international partners will co-produce locally relevant courses, supported by Trace’s platform and expertise.

3. Creative Hub for African Video Game Development

Establishing a state-of-the-art facility for developing video games including Africa’s first AAA video game inspired by Yoruba mythology. This initiative positions Nigeria as a leader in the $220 billion global gaming industry while preserving and promoting its cultural heritage.

Driving Impact – Why This Matters?

This partnership addresses key priorities for Nigeria’s creative economy:

• Economic Expansion: By modernizing copyright systems, it ensures artists receive equitable returns while increasing government revenue.

• Job Creation: Through skill development and direct job placement, it creates sustainable pathways for youth employment.

• Cultural Preservation: Highlighting Yoruba mythology and other African narratives ensures the global recognition of Nigeria’s cultural richness.

Commitment to Collaboration

The Federal Ministry will provide policy support and local stakeholder engagement, while Trace will lead project execution, mobilizing resources and partnerships. Both parties will form a joint steering committee to oversee progress, ensuring mutual goals are achieved.

A Shared Journey of Growth

Olivier Laouchez stated, “For the last 21 years, Trace has been collaborated with the Nigerian music industry. We are extremely proud to have contributed to the global success of Afrobeat. This partnership with the Federal Ministry of Art, Culture, and the Creative Economy, gives us the opportunity to take our commitment to the next level to further unlock the immense potential of Nigerian creative industry. The platforms that we will jointly build will empower creators, create jobs and further connect Nigerian culture to a global audience.”

4th December, 2024.C.E

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