The Lagos State Government has announced plans to strengthen the state's creative economy by providing structured funding channels, grants, and faster payment of creative suppliers engaged by the government. This move aims to create a sustainable business environment for creatives, protect their intellectual property, and secure better value for their work. The Deputy Governor of Lagos State, Dr. Kadri Obafemi Hamzat, made this commitment at the second edition of Podfest Naija in Lagos.
According to Dr. Hamzat, Africa has an abundance of creative talent and skills, but the lack of effective structures for contracts, payments, intellectual property rights, data, and financing has limited the continent's share of the global creative economy. He noted that the absence of these structures has hindered creatives from turning their skills into sustainable businesses and monetizing their intellectual property. The global creative economy is a multi-trillion dollar industry, but Africa captures less than three percent of that value.
Dr. Hamzat identified inadequate access to capital, dependence on foreign payment platforms, and weak industry structures as major challenges confronting creatives across the continent. He emphasized that many talented young people have ideas but lack the capital, skills, and protection for their data to build successful businesses. The deputy governor also acknowledged that the continent's dependence on foreign payment systems that are not controlled locally is a significant challenge.
The Lagos State Government is committed to transforming the creative economy into a properly structured industry that provides protection and fair rewards for creators. Dr. Hamzat announced that the state would work towards ensuring that creatives who provide services to the government are paid promptly. He acknowledged that the government is one of the largest users of creative services in Lagos but admitted that it has not always been a good customer when it comes to payment.
Dr. Hamzat encouraged creatives to communicate their needs to the government, develop their skills into viable businesses, and ensure excellence in their work. He emphasized that the government is committed to learning and working with creatives to develop the industry. The deputy governor also highlighted the importance of prompt payments, noting that creating a story should not be costly and should be paid for quickly, unlike building a rail.
The Lagos State Government's commitment to supporting the creative economy is a significant step towards unlocking the sector's potential. The government's efforts to provide structured funding channels, grants, and faster payments will help creatives build sustainable businesses and protect their intellectual property. This move is expected to increase the state's share of the global creative economy and provide more opportunities for creatives.
The creative economy is a significant sector in Nigeria, and the Lagos State Government's efforts to support it are expected to have a positive impact on the state's economy. The government's commitment to working with creatives and developing the industry is a step towards creating a thriving creative economy in Lagos. With the right structures in place, creatives in Lagos can build successful businesses and contribute to the state's economic growth.
Key points
- The Lagos State Government has pledged to provide structured funding channels, grants, and faster payments to creative suppliers engaged by the government.
- The government aims to create a sustainable business environment for creatives, protect their intellectual property, and secure better value for their work.
- Africa captures less than three percent of the global creative economy's value, despite having an abundance of creative talent and skills.
