MOFI Presents Register of 2,102 Cultural Assets to Arts Minister, Advances Monetisation Project

The Ministry of Finance Incorporated (MOFI) has presented a comprehensive Cultural Assets Register and Catalogue to the Federal Ministry of Arts, Culture, Tourism and the Creative Economy (FMACTCE), marking the successful completion of the first phase of the Federal Government’s Cultural Assets Monetisation Project.

The presentation was made during a meeting between the Managing Director and Chief Executive Officer of MOFI, Dr. Armstrong Ume Takang, and the Minister of Arts, Culture, Tourism and the Creative Economy, Hannatu Musa Musawa, alongside her delegation at MOFI’s headquarters.

According to Dr. Takang, the engagement was aimed at advancing the implementation of the Cultural Assets Monetisation Project, an initiative jointly being executed by MOFI and the ministry following the Memorandum of Understanding signed by both parties last year.

He disclosed that Phase One of the project led to the identification, verification and cataloguing of 2,102 tangible cultural assets across Nigeria, laying the foundation for the country’s cultural heritage to be recognised and managed as an economically viable national asset capable of contributing significantly to the nation’s Gross Domestic Product (GDP).

Takang explained that the next phase of the project will focus on the formal valuation of the identified cultural assets as well as the development of the legal and governance framework required to optimise their economic value.

He reaffirmed MOFI’s commitment to ensuring the successful implementation of the next stage of the initiative, noting that the project aligns with the organisation’s statutory mandate of building a comprehensive national assets register to facilitate accurate valuation, structured management and optimisation of government-owned assets.

The MOFI boss said Nigeria possesses a rich cultural heritage that has remained largely underutilised despite its enormous economic potential, expressing optimism that the project would reposition the country’s cultural assets as a strategic driver of economic growth and national development.

Takang also commended Minister Musawa for her commitment to the initiative and her determination to ensure the successful implementation of President Bola Tinubu’s directive on unlocking the economic value of Nigeria’s cultural assets for the benefit of the country.

The Cultural Assets Monetisation Project is expected to create a reliable inventory of Nigeria’s cultural heritage while providing the framework for leveraging the assets to promote tourism, attract investment and boost revenue generation.