Dr Nkiru Balownu, founder of The Africa Soft Power Group, delivered a brilliant keynote speech at the QEDNG Creative Powehouse Summit on Tuesday. Below are key takeaways from her presentation.
1. Financing alone isn’t enough
Growth in the creative economy requires the integration of capital, talent, innovation, infrastructure, and enabling policy, not just funding.
2. Structure is as important as talent
Nigerian creatives have world-class talent, but lack of policy support, patient capital, and infrastructure limits scalability.
3. Need for tiered & targeted funding
Financing should cover all stages: early grants, seed capital, growth equity, and infrastructure investment.
Funds should also target less glamorous but essential systems like IP protection, rights management, legal services, and distribution networks.
4. Creatives must think like entrepreneurs
Artists and creators should see themselves as business builders, prioritising sustainability and scalability.
5. Build ecosystems, not isolated successes
Move from one-off achievements to interconnected systems linking creatives to capital, policy, education, and markets.
6. Expand definition of creative industries
Look beyond music and film. Include fashion, beauty, hair, gaming, events, and more in investment strategies.
7. Data and education are critical
Reliable industry data is essential for attracting investment.
Both creatives and investors need training – creatives in business skills, investors in valuing creative assets.
8. Government, private sector and creatives must collaborate
Government: Create policies that de-risk investments, provide tax incentives, and invest in infrastructure.
Private Sector: Develop expertise in valuing creative IP, create specialised funds.
Creatives: Break silos, co-invest, and collaborate across industries.
9. Leverage cross-sector synergies
Encourage collaborations between Nollywood, Afrobeats, fashion, and other sectors to maximise value and market reach.
10. Harness AI responsibly
AI can lower costs, speed up production, and expand distribution – but financing and policy must also support ethical and strategic AI adoption.
11. The big picture: Collaboration over competition
The next growth stage for Nigeria’s creative economy lies in joint action to expand the market, not fighting over existing market share.
