TheCable

Keturah Ovio, co-director at Patrons MCAA, an arts advisory and dealership firm, says Nigeria is missing up to $13.2 billion annual revenue opportunity from the arts industry due to a lack of investments and the right policies to drive the sector.

According to her, $13.2 billion in revenue amounts to only three percent of Nigeria’s total gross domestic product (GDP) of $440 billion, which is feasible and realizable.

Speaking during a ceremony to announce the upcoming small & Iconic miniature arts exhibition billed to take place from September 30 to October 15 in Lagos, Ovio said that experience from other nations shows that the art industry can contribute anywhere from two to 10 percent to a country’s GDP.

She cited France, where arts contributes two percent to the GDP and employs 600,000 workers, as an example of how a strong arts sector can support an economy.

She also said South Africa’s visual arts and crafts contributed 15 percent to the country’s GDP in 2020, while Nigeria’s arts, entertainment and recreation contributed merely 0.21 percent to the second quarter GDP of 2023 from 0.16 percent of GDP in the corresponding period of 2022.

“Even Kenya’s arts and creative industries contribute five percent to the GDP. We can do three percent, which is just a conservative estimate for me,” she noted.

“Nigeria needs to invest heavily in the arts industry to boost revenue earnings from it, which is what GDP is all about,” said Ovio, who disclosed that the 15-day art exhibition will be held at The Art Hotel in Lagos.

She noted that the exhibition features five talented artists from five diverse nations: Cameroon, Nigeria, South Africa, Rwanda, and France.

“Each artist brings their unique style and perspective to the exhibition, with mediums and techniques ranging from woodwork and acrylic to oil on canvas, mixed media, and multimedia. Visitors can expect to see a feast for the senses and a celebration of the creativity of the African continent.” said Ovio

She listed the artists as Lambert Shumbusho (Rwanda/France), Abrifor Silas (Nigeria), Justine Gaga (Cameroon), O’Dare Adenuga (Nigeria), and Thabiso Dakamela (South Africa).