US Tasks FG on Strong Intellectual Protection System to Unleash Nigeria’s Creative Sector
Says creative industry can add $100bn to Nigeria’s GDP
The US government has enjoined the Federal Government of Nigeria to engender a strong legal framework for Intellectual Property (IP) rights regimes that would attract investments and enable Nigeria’s creative sector to add $100 billion to the country’s GDP by 2030.
This call was made yesterday in Lagos by the Assistant Secretary for Economic and Business Affairs, United States Department of State, Mr. Ramin Toloui, in his keynote remarks on “Intellectual Property Protection at the Africa Creative Market,” in which he emphasised the need for Nigeria to “establish secure legal frameworks for investment in - and commercialisation of - innovation and creativity.”
The event also featured a Public Policy Expert and Gender Advocate, Mrs. Nabila Aguele, who gave the keynote address on "Intellectual Property Enforcement as a Tool for Achieving Sustainable Development in the Nigerian Creative Sector."
Toloui stated that “Nigeria’s creative industries have the potential to become Nigeria’s largest export sector and could create an estimated 2.7 million jobs by 2050 for the country’s growing youth population, and $100 billion to Nigeria’s GDP by 2030.”
But this, according to him, would require “a strong system of IP rights” that would “assure inventors, industrial designers, and creative artists that their ideas will be protected and that they can receive payment for the use of their creations.”
He added that the government of the United States of America has “a long history of coordinating with the creative industries in Africa and around the world, especially as it pertains to the promotion and protection of IP Rights, which ensures that entrepreneurs are fairly compensated for their creativity.”
He noted that the Nigerian creative sector has grown in leaps and bounds, so much that “American actors are now interested in featuring on Nigerian movie screens.”
He cited Burna Boy, who became the first African to sell out a U.S. stadium, New York Citi Field, or Rema’s hit song “Calm Down”, which later featured American artist Selena Gomez, as examples of the growing influence of the Nigerian creative sector.
According to him, “In fact, that was the most streamed Afrobeats song of 2022, surpassing one billion streams across all platforms and was also the first African song to spend a year on the Billboard Hot 100 chart.
“The U.S. government supports and is proud to see burgeoning ties in the creative industry between the United States and Nigeria, bringing our two countries closer together and furthering investment opportunities in the film and television, music, arts, sports, gaming, and tech arenas.”
He further declared that strengthening those partnerships was a key priority for President Biden during the US-Africa Leaders’ Summit last December, which the White House organised as a testament to the strength of the US-Africa relationship.
Further according to him, during the summit, “we announced our intention to partner with stakeholders across the creative ecosystem–creatives and policymakers alike - to help grow the creative economy.
“We have taken up this charge by focusing on a key piece of the puzzle that allows creatives to monetise their work and attract additional investment: IP protection.
“You may be wondering why the U.S. government, in its partnership with the government of Nigeria, would highlight the creative industries or the IP protections that support the sector, among all the priorities we work on together.
“It is simple. The cultural sector alone accounts for 3.1 per cent of global gross domestic product (GDP). The creative industries generate annual revenues of over $2 trillion and account for nearly 50 million jobs worldwide according to the UN Conference on Trade and Development, and that’s not all.
“The creative industries also employ more young people - namely those aged 15 to 29 than any other sector and with women constituting nearly half of the creative workforce, it serves us all to support a sector that is creating equitable opportunity for all.”
“Several U.S. film and entertainment companies, such as Netflix, Amazon Prime, and Paramount, are making large investments in the Nigerian market and are seeing strong prospects for future investments.
“I want to see many more investments and increased commercial ties. Nigeria is a powerhouse of creativity, and we stand in steadfast partnership with all of you in this room to support the conditions that allow creatives to thrive."
Aguele, in her keynote address, said that Nigeria’s ability to innovate, attract investments, and build a robust business and market ecosystem for the creative sector hinged largely on getting the country’s IP system right.
She added that “IP can also serve as a gateway to new and emerging opportunities, including unlocking financing for the creative and SME sectors. Leveraging IP as collateral for financing holds immense potential. This is one of many examples of how a strong and robust IP system, with clear enforcement of rights can lead to broader economic value and our achievement of the SDGs.”
She however, identified piracy as a major inhibiting factor in the development of Nigeria's creative industry, which results in approximately $3 billion loss each year.