MOFI Moves to Unlock Economic Value of Nigeria’s Creative, Cultural Assets

The Ministry of Finance Incorporated (MOFI) has reiterated its commitment to identifying, documenting and unlocking the economic value of Nigeria’s vast creative and cultural assets, describing the sector as a significant reservoir of wealth, investment opportunities and intergenerational heritage.

The Managing Director/Chief Executive Officer of MOFI, Dr. Armstrong Ume Takang, disclosed this while speaking at the Timeless Capital gathering organised by Uncover Naija at the African Trade Centre in Abuja.

Takang said Nigeria’s creative and cultural assets should no longer be viewed solely from the perspective of artistic expression and cultural identity, stressing that they also constitute valuable economic assets capable of generating wealth, attracting investment and creating employment opportunities.

According to him, creative assets, including art and other forms of cultural heritage, have the potential to contribute significantly to Nigeria’s economic development when properly identified, preserved, valued and commercialised.

He noted that art has traditionally been viewed primarily through the lenses of culture and expression, but argued that its economic dimension deserves greater attention.

“Art is also an economic asset. It can create wealth, attract investment, generate jobs, strengthen tourism and preserve the identity and heritage of communities for generations,” he said.

The MOFI chief explained that the organisation, in collaboration with the Ministry of Art, Culture, Tourism and Creative Economy, is working towards developing a better understanding of the scale, ownership and value of Nigeria’s creative and cultural assets.

He said the initiative involves efforts to locate, document, curate and register the country’s creative and cultural assets, with the ultimate objective of unlocking their economic potential.

Takang stressed that the opportunity presented by Nigeria’s creative and cultural capital is enormous, but cautioned that achieving its full potential would require a fundamental shift in how creators, institutions and society perceive ownership of artistic works.

He urged artists and creators to look beyond the immediate commercial value of their works and recognise their role in preserving assets that could generate value for future generations.

“My parting thought to the artists and creators in the room was simple: do not see yourselves merely as owners of your art. See yourselves as custodians of multi-generational wealth and heritage,” he said.

According to him, viewing creative works as intergenerational assets would encourage creators to pay greater attention to preservation, institutionalisation, succession planning and investment.

He added that creators must begin to consider how their works would be preserved, managed and transferred to future generations rather than focusing exclusively on immediate recognition or financial returns.

“When you see your work in that light, your responsibility extends beyond creating for today. You begin to think about preservation, institutionalisation, succession, investment and the generations that will inherit what you create,” Takang said.

He described this approach as essential to building sustainable influence and long-term impact within Nigeria’s creative economy.

Takang further emphasised that Nigeria possesses an extraordinary reservoir of creative and cultural capital, stressing that the responsibility of government and stakeholders is to ensure that these assets are not only preserved but also properly recognised, valued and positioned to generate lasting economic and social benefits.

He said a systematic approach to identifying and valuing the country’s creative and cultural assets could help transform previously underutilised heritage into productive economic resources, while simultaneously strengthening cultural preservation and tourism.

This is when the capital will be truly timeless,” he stated.

The initiative aligns with broader efforts to position Nigeria’s creative and cultural economy as a contributor to wealth creation, investment mobilisation, employment generation and sustainable national development.