Conference in Abuja on Monday 23rd of November 2020
The French Development Agency and the Nigerian Copyright Commission are organizing in Abuja a conference on the economic value of the Cultural and Creative Industry (CCI) and the importance of an effective copyright protection to further develop the economy of the sector.
AFD recently commissioned a global study, by PWC, on the CCI sector in Nigeria to assess the economic value and methods of financing the sector. It also funded a diagnostic study carried out by Punuka law firm and KPMG on copyright protection in Nigeria. The conference will present the results of these two studies.
– The first study carried out by PWC, established that CCI is one of the fastest growing industries in the Nigerian economy. For example, Nigeria’s film industry is by far the country’s most entrenched and better-known creative sector. It represents a 3.3 billion USD sector, contributing 1.42% to the rebased GDP with an estimated annual revenue of 590 million USD.
Its popularity has spread around the world through the Nigerian diaspora and represents a real soft power for the country. Also, the Nigerian music can be heard all around the world with international stars such as Wizkid, Davido, Burna Boy and many more. However, despite its international recognition, due to the lack of copyright protection, the music sector is showing a minor market size of 46 million USD only in 2018.
– The second study carried out by Punuka Law firm in partnership with KPMG, analysed the governance and operations of the collective management of copyright in Nigeria which is an essential component of a cultural and creative economy and in particular the music sector.
The study delves into the technical, financial and legal components of this economy and depicts a dysfunctional system which is in great need of transparency, funding and technological solutions. The study concludes that collective management organizations are capable of performing a significant role, however, it also states that there is a need for further reform, adjustment and improvement in the regulatory framework and the management of the system which will enable artist to more easily access funds.
AFD Activities in Nigeria
The French Development Agency (Agence Française de Développement – AFD) is the French Development Bank, which has committed more than two billions dollars in Nigeria over the past twelve years to promote economic growth and foster sustainable development in the infrastructure sector. Recently, AFD has brought its focus to the Creative and Cultural Industry sector in order to improve access to funding and give new opportunities to Nigerian artists.
The objectives of AFD in Nigeria are dedicated to two main goals, which are to support a competitive economy that creates jobs and wealth, and to contribute to building a shared and resilient development. To do so, four main pillars have been prioritized which include:
– Supporting the diversification of the non-oil economy,
– Promoting the low-carbon energy transition,
– Contributing to a more productive agricultural activity and to food security,
– Supporting the territorial transition in vulnerable areas.
About
Agence Française de Développement is a public financial institution that works to combat poverty and promote sustainable development. AFD operates in five continents via a network of 85 offices and its staff of 2,400 officers.
Contacts
AFD Nigeria
afdabuja@afd.fr
+ 234 (0) 703 249 4771 / 72
