The Federal Government has recorded a major milestone in its efforts to unlock the economic potential of Nigeria’s cultural heritage with the presentation of the Cultural Assets Register and Catalogue to the Minister of Art, Culture, Tourism and the Creative Economy, Barr. Hannatu Musa Musawa.
The register, presented by the Ministry of Finance Incorporated (MOFI), marks the completion of the first phase of the Cultural Assets Monetisation Project, a joint initiative between the Federal Ministry of Art, Culture, Tourism and the Creative Economy and MOFI.
The project, launched following the signing of a Memorandum of Understanding between the two organisations last year, is designed to identify, document and unlock the economic value of Nigeria’s cultural assets while preserving their historical and cultural significance.
According to the ministry, the first phase of the project resulted in the identification, verification and cataloguing of 2,102 tangible cultural assets across the country.
With the completion of the initial phase, the project will now move into Phase Two, which will focus on the formal valuation of the identified assets and the development of an appropriate legal framework to strengthen their management and maximise their economic potential.
The ministry said the initiative aligns with President Bola Ahmed Tinubu’s Renewed Hope Agenda, particularly its focus on economic diversification and the creation of sustainable sources of national revenue.
It added that the project also reflects the vision behind the establishment of the Federal Ministry of Art, Culture, Tourism and the Creative Economy to position Nigeria’s arts, culture, tourism and creative industries as key drivers of economic growth and national development.
The ministry commended officials of both the Federal Ministry of Art, Culture, Tourism and the Creative Economy and the Ministry of Finance Incorporated for their commitment to the successful implementation of the first phase.
It reaffirmed its commitment to building a sustainable framework that preserves Nigeria’s cultural heritage while creating new economic opportunities and long-term value for the country.