‘Art industry loses $13bn revenue yearly’

A Co-Director at an art advisory and dealership firm, Patrons MCAA, Keturah Ovio has said that Nigeria is missing up to $13.2bn annual revenue opportunity from the arts industry due to lack of investments and  right policies to drive the sector.

Ovio said this during an event to announce the small & iconic miniature arts exhibition billed to take place from September 30 to October 15 in Lagos.

She said that data from other nations showed that the art industry can contribute anywhere from two to 10 per cent to a country’s Gross Domestic Product.

She cited France, where arts contributes two per cent to the GDP and employs 600,000 workers, as an example of how a strong arts sector can support an economy.

She also mentioned that South Africa’s visual arts and crafts contributed 15 per cent to the country’s GDP in 2020 while Nigeria’s arts, entertainment and recreation contributed merely 0.21 percent to the second quarter GDP of 2023 from 0.16 percent of GDP in the corresponding period of 2022.

“Even Kenya’s arts and creative industries contribute five per cent to the GDP. We can do three per cent, which is just a conservative estimate for me.

“Nigeria needs to invest heavily in the art industry to boost revenue earnings from it, which is what GDP is all about,” said Ovio.

The art exhibition will feature five talented artists from Cameroon, Nigeria, South Africa, Rwanda, and France.

“Each artist brings their unique style and perspective to the exhibition, with mediums and techniques ranging from woodwork and acrylic to oil on canvas, mixed media, and multimedia. Visitors can expect to see a feast for the senses and a celebration of the creativity of the African continent.” said Ovio

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