MOFI, Ministry Partner To Monetise Nigeria’s Cultural Assets

The Nigerian Ministry of Art, Culture, Tourism, and Creative Economy has signed a Memorandum of Understanding (MoU) with the Ministry of Finance Incorporated (MOFI) to unlock and monetise the Nigerian Government’s tangible and intangible assets.

The aim is drive economic growth in the cultural and creative sectors.

Speaking at the signing ceremony at the Bank of Industry House, the Managing Director/Chief Executive Officer of MOFI, Dr. Armstrong Takang, said “the partnership would revitalise Nigeria’s cultural heritage and activate dormant assets.”

Dr Takang said; “Today, we stand at the dawn of a new era where Nigeria’s rich cultural wealth transitions from being admired yet undervalued to becoming a major driver of economic transformation. These assets will be cataloged, valued, and securitized to generate new income streams for the government and create investment opportunities for citizens.”

He emphasised the economic potential of Nigeria’s artistic treasures, citing the sale of Ben Enwonwu’s painting Tutu for £1.2 million at a London auction in 2018, while much of Nigeria’s national collection remains uncatalogued and unvalued.

“This MoU is more than a partnership—it is a call to unlock Nigeria’s cultural wealth, including arts, heritage sites, festivals, copyrights, and digital content, transforming them into engines of prosperity,” Dr Takang added.

Minister of Art, Culture, Tourism, and Creative Economy, Hannatu Musawa, welcomed the collaboration, noting that it aligns with the ministry’s strategic vision.

“The real untapped wealth of Nigeria lies in its cultural heritage. President Bola Ahmed Tinubu has tasked us with creating a lasting legacy that will sustain future generations,” Musawa stated.

She stressed the need for innovative partnerships to ensure Nigeria’s creative talents and cultural assets generate their true economic value.

The initiative focuses on four key objectives: generating new government revenue, creating investment opportunities for Nigerians, preserving cultural heritage by linking it to economic value, and positioning Nigeria as a leader in cultural asset securitisation in Africa.

Mercy Chukwudiebere