Nigeria Signs Landmark Deal To Unlock Economic Value of National Art Collection

Nigeria has signed a new partnership to preserve, value and unlock the economic potential of its National Art Collection as part of efforts to strengthen the country’s creative and cultural economy.

The Minister of Art, Culture, Tourism and the Creative Economy, Hannatu Musawa, announced that she signed a Memorandum of Understanding (MoU) with Kuramo Capital and the Creative and Tourism Infrastructure Corporation (CTICo) in New York.

The agreement, signed during activities at the 81st United Nations General Assembly (UNGA 81), will support the next phase of the enumeration, valuation and monetisation of Nigeria’s National Art Collection.

According to the minister, the first phase of the project has already been completed, with about 2,000 artworks identified, catalogued and entered into a formal national register under the Ministry of Finance Incorporated (MOFI).

She said the new phase would concentrate on professionally valuing the artworks and creating sustainable ways to generate economic benefits from the collection.

Musawa emphasized that the initiative is aimed at protecting Nigeria’s cultural heritage rather than selling it.

> “This is not about selling our heritage. It is about building the systems and partnerships that allow Nigeria to properly value, protect and generate sustainable value from its cultural assets through exhibitions, institutional loans, licensing, cultural tourism and international exchange.”

She noted that the partnership combines the strengths of government, development finance institutions and private investors to support the growth of Nigeria’s creative economy.

> “This partnership with Kuramo brings together government, development finance and private sector expertise to build a stronger foundation for the future of Nigeria’s cultural economy.”

The minister said the initiative will help position Nigeria’s vast cultural assets as valuable national resources capable of attracting investment, expanding cultural tourism, supporting international exhibitions and creating new opportunities for artists and creative businesses.