Nigeria’s creative economy cannot thrive on talent alone and requires stronger institutional frameworks, access to capital, enhanced skills, and improved intellectual property protection, according to industry stakeholders. These views were expressed at the second QEDNG Creative Powerhouse Summit held in Ikeja GRA, Lagos.

The summit, organised by Mighty Media Plus Network Limited, publishers of QEDNG, brought together filmmakers, music executives, content creators, business leaders, and government officials. The theme for this year's event was “Creativity, Culture and Nigeria’s Next Chapter.”

Olumide Iyanda, QEDNG publisher and convener, stated that institutional and structural challenges significantly hinder the sector's growth. He noted that while Nigeria has abundant talent, many creatives fail to reach their potential due to a lack of essential support systems. Iyanda called for the development of stronger Nigerian platforms to support and distribute local creative works.

Gabriel Ukachukwu, representing the summit chairman Demola Aladekomo, emphasised the need to build an ecosystem around the creative economy. He listed infrastructure, capital, intellectual property protection, skills, distribution, technology, and robust business models as crucial components. Ukachukwu cited the United Nations Trade and Investment estimate of $1.7 trillion in global creative services exports for 2024, underscoring the sector's economic significance.

He posed three fundamental questions for Nigeria: how to transition talent into enterprise, how to finance creativity, and how to protect and monetise intellectual property. “Talent without structure is just a hustle,” Ukachukwu stated.

Ife Adebayo, national coordinator of the Investment in Digital and Creative Enterprises (iDICE), highlighted Nigeria's vast creative talent and cultural influence but stressed the need for systems to convert these assets into economic value. Adebayo drew parallels with the 1986 film “Top Gun,” which reportedly boosted US Navy recruitment, suggesting that Nigeria could leverage its creative output for national projection and economic benefit.

Adebayo noted that Nigeria's creative economy contributes approximately 1.2 per cent to the GDP, significantly less than South Africa's nearly three per cent, which he attributed to stronger structural development in its creative industries. He pointed out that while Nigeria has a strong voice, other nations have built better infrastructure and policies to support their creative sectors.

Key gaps identified in Nigeria's creative economy include skills shortages in areas like cinematography and animation, and the high cost of professional equipment. Adebayo stated, “A great script in this country does not die because it is bad; it dies because it is broke.” He also called for improved intellectual property protection and clearer pathways for creative ideas to become bankable businesses.

The iDICE programme has established a $45 million debt fund and a $65 million Islamic finance facility, alongside equity options, to attract investment into the technology and creative sectors. Adebayo urged financiers to treat creative businesses as investable asset classes rather than informal ventures.

He also encouraged corporate Nigeria to move beyond sponsorship and invest directly in the sector. Adebayo stressed the government's role in protecting intellectual property and implementing responsive policies. He concluded by stating that the future of Nigeria will be co-written by creators, financiers, policymakers, and entrepreneurs, who must recognise the value of Nigerian stories and ensure they are adequately funded.

The summit included panel discussions featuring industry leaders such as Steve Babaeko, Dr Olamide Okulaja, Anwuli Ojogwu, Yibo Koko, Joke Silva, Efe Omorogbe, Oluwabukunmi Adeaga-Ilori, and Fisayo Fosudo. The event was supported by FirstBank, NLNG, Zenith Bank, Fidelity Bank, The Africa Soft Power Group, Lagos State Internal Revenue Service, and Polaris Bank.