Nigeria has taken another major step towards turning its rich cultural heritage into an economic asset with the signing of a new partnership to professionally value and manage the country’s National Art Collection.
The Minister of Art, Culture, Tourism and the Creative Economy, Hannatu Musawa, signed a Memorandum of Understanding (MoU) with Kuramo Capital and the Creative and Tourism Infrastructure Corporation (CTICo) in New York during the 81st United Nations General Assembly (UNGA 81).
The agreement will drive the next phase of the National Art Collection project, focusing on the valuation and monetisation of artworks that have already been identified and documented.
Musawa disclosed that the first phase of the exercise had been completed, with about 2,000 artworks identified, catalogued and entered into a formal national register managed by the Ministry of Finance Incorporated (MOFI).
She said attention will now shift to assigning professional value to the artworks and creating sustainable ways for the collection to contribute to the nation’s economy.
The minister, however, dismissed fears that the initiative was aimed at disposing of Nigeria’s cultural treasures.
> “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 explained that the partnership would combine the expertise of government, development finance institutions and the private sector to build a stronger foundation for Nigeria’s growing 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’s announcement highlights the Federal Government’s renewed efforts to reposition Nigeria’s cultural assets as drivers of economic growth rather than leaving them as underutilised national treasures.
Experts said properly documenting, valuing and promoting national artworks can open new opportunities for cultural tourism, international exhibitions, institutional partnerships, licensing and investment while ensuring that Nigeria’s heritage remains protected for future generations.
The latest agreement also supports the government’s broader plan to diversify the economy by investing in the arts, culture, tourism and creative industries, sectors increasingly recognised as important sources of jobs, foreign exchange earnings and sustainable national development.