News
Creative Economy Ministry Secures $300M Investments Commitment
Hannatu Musawa, Minister of Arts, Culture, and the Creative Economy, has revealed that the ministry has secured over $300 million in investment commitments.
Musawa disclosed this at the Ministerial Press Briefing Session held on Friday in Abuja.
She emphasised that the government has set a goal of creating at least two million jobs within the creative industry by 2027.
According to her, “In just 18 months, we have secured over $300 million in investment commitments and established innovative funding mechanisms, including the Creative Economy Development Fund (CEDF).
“We have also initiated the development of key infrastructure projects, which are projected to generate at least two million jobs by 2027.”
The Minister further noted that President Bola Tinubu plans to unveil creative hubs across Nigeria’s six geopolitical zones in the coming months, positioning Nigeria as a global hub for creativity.
“Beyond the numbers, we have elevated Nigeria’s global cultural standing while ensuring inclusivity, empowering rural communities, women, and young people to participate meaningfully in the creative economy,”.
The Minister highlighted the significant role the creative economy will play in Nigeria’s future, particularly the music industry.
She pointed out that the government has identified five key segments within the music value chain production, marketing, sales, and others—that can generate over 500,000 new jobs by 2030, representing a transformative opportunity for Nigeria’s economy.
“A key initiative in this drive is the $200 million Creative Economy Development Fund (CEDF), managed by the African Export-Import Bank (AfreximBank).
The fund aims to provide affordable financing to creative businesses and entrepreneurs, empowering them to innovate, expand their operations, and contribute to job creation across multiple sectors such as film, music, fashion, and tourism.
The minister said in addition to funding, the ministry is working on the Abuja Creative City project, which seeks to transform the capital into a vibrant hub for the creative sector.
“This project is expected to foster economic growth, create job opportunities, and showcase Nigeria’s diverse cultural heritage.
The Minister also emphasized the importance of effective policy formulation to foster the growth of the creative sector. Currently, the Ministry is evaluating 49 sub-sectors within the creative industries, with priority given to key areas such as music, film, fashion, art, and gastronomy.
“This targeted approach is aimed at driving sustainable development and further enhancing Nigeria’s cultural and economic standing on the global stage.
“Through these initiatives, the Nigerian government is taking significant steps to harness the untapped potential of its creative industries, paving the way for a more dynamic and inclusive economy.
As part of this effort, the Ministry, in collaboration with the private sector and led by the Nigerian Economic Summit Group, is working on creating a clear policy framework not just for the creative economy but also for the art, culture, and tourism sectors.
The Nigerian government is working on a series of policy reforms National Intellectual Property Policy, which will soon be presented to the Federal Executive Council.
This policy aims to foster industry growth by securing intellectual property rights for creators. Additionally, the government is reviewing key policies such as the National Policy on Incentives for the Arts, Culture, and Creative Economy, which is designed to offer incentives and boost confidence among creative businesses.
Another important update is the review of the 2005 National Tourism Policy, intended to better support the tourism sector, which plays a crucial role in Nigeria’s cultural economy.
The government is updating the outdated 1988 National Policy on Culture and introducing a new Policy on Monetary and Credit Solutions to ensure financial support for creative businesses.
Alongside the Creative Economy Development Fund, these reforms aim to create a supportive environment for the sector to grow and position Nigeria as a major force in the global creative economy.
Musawa also announced the implementation of the Creative Economy Development Fund (CEDF), which aims to provide funding to creative businesses, drive innovation, and create jobs across multiple sectors.
Additionally, a global standard arena is under construction in Nigeria to host major music and cultural events, aligning with the country’s ambition to become Africa’s cultural hub.
Independent National Electoral Commission (INEC) has raised alarm about a fake and unauthorized website falsely claiming to be an “INEC Ad-hoc Staff Recruitment Portal 2026.”
The Commission raised the alarm in a statement published on its website late Tuesday.
It identified the fake recruitment website as okripeti.org/Inec-ADhoc-Sta…
The Commission affirmed that the website is fake and not affiliated with the it in any way.
“Members of the public are advised that any information, statistics, or application forms on this website are false, misleading, and intended to deceive unsuspecting applicants.”
It also advised anyone who has already registered on the fake portal to discontinue immediately and reapply only through the official INEC links provided above.
“INEC remains committed to transparency, credibility, and the protection of the public from fraudulent activities,” the Commission said.
The Commission also said it conducts Ad-hoc Staff recruitment ONLY through its official platform known as INECPRES.
It listed the only authentic links for the 2026 FCT Area Council Election Ad-hoc Staff recruitment as: •🌐 Web & iOS: pres.inecnigeria.org •📱 Android (Mobile App): presmobile.inecnigeria.org
It added that any other website or link outside the above is not authorized by INEC.
It thereforfore advised prospective applicants to verify all recruitment information using INEC’s official websites, not to click or register on suspicious or unofficial links
not to submit personal details (BVN, passwords, OTPs, or bank details) on non-INEC platforms and to always check that the URL ends with inecnigeria.org
Dr. Zacch Adedeji, Chairman of the Nigeria Revenue Service (NRS), has allayed fears that the new tax reform framework could be weaponised by the Federal Government to target political opponents or individuals based on affiliation.
Dr. Zacch Adedeji
Adedeji, responding to concerns over potential selective enforcement or politically motivated tax scrutiny, insisted the reforms prioritise national interest, transparency, due process, and institutional accountability.
Addressing speculations on suppressing opposition voices ahead of elections, he said: “I think the question you will ask is that we need to commend the courage of Mr. President, that despite the fact that there is an election coming, he is courageous enough to continue on this path of statesmanship and not of politicians.”
The NRS boss explained that it would have been politically expedient to shelve the reforms during an election cycle, but President Bola Tinubu opted to strengthen the country’s fiscal foundation and economic governance.
He outlined that the agenda targets structural tax system weaknesses, enhances fairness, and fosters a simplified, predictable compliance environment to boost voluntary participation over coercion.
Adedeji attributed public scepticism to Nigeria’s history of perceived institutional misuse, but stressed the new framework minimises administrative discretion through rule-based processes, automation, accountability, and governance safeguards insulated from political influence.
According to him, the reforms emphasise taxpayer trust, linking taxes to visible public service improvements while expanding growth opportunities and sustainable public finances.
He reaffirmed the focus on economic stability, credible institutions, phased implementation, investment support, vulnerable group protection, and freedom from partisan interference.
An Ikeja Special Offences and Domestic Violence Court on Monday sentenced Olawale Faleti, a former Lagos State Education director, to two years and five months’ imprisonment for stealing ₦48.9 million from Access Bank Plc.
Justice Rahman Oshodi convicted Faleti, 64, on five counts of stealing after finding him guilty of charges filed by the Economic and Financial Crimes Commission (EFCC).
In his judgment, Oshodi said the offence was deliberate and sustained, noting that Faleti carried out repeated withdrawals despite knowing he had no authorisation to access the funds.
The judge added that the convict failed to show genuine remorse or fully accept responsibility for his actions.
“Financial institutions are the lifeblood of our economy and public confidence in them must be preserved,” Oshodi said, adding that “Those who attempt to defraud or steal from banks must understand that severe consequences will follow.”
While acknowledging Faleti as a first-time offender, the court said a custodial sentence was unavoidable.
The judge applied a 20 per cent reduction from the three-year maximum sentence, citing minimal restitution efforts as a mitigating factor.
Faleti was sentenced to two years and five months’ imprisonment on each of the five counts, with the sentences ordered to run concurrently.
The court directed that the sentence take effect from January 5, 2026, and ordered that Faleti’s biometric details and name be entered into the Lagos State Judiciary offenders’ registry.
After deducting ₦3 million already restituted, the court ordered Faleti to pay an outstanding ₦45.9 million to Access Bank Plc, directing the bank to notify the court upon full recovery of the funds.
Earlier, Mr Ahmed Dambuwa, EFCC counsel, told the court that Faleti dishonestly converted ₦48.9 million belonging to the bank by exploiting unauthorised access to an Access Bank credit card.
He said the card permitted withdrawals of not less than ₦43,000 per transaction, but a system glitch enabled Faleti to withdraw about ₦48 million during the COVID-19 pandemic in 2020.
One of the charges stated that between July 2 and July 10, 2020, Faleti converted ₦12.6 million for personal use, while another alleged that between May 22 and July 1, 2020, he converted ₦6.9 million, all property of Access Bank Plc.
The offences were said to contravene Section 287(1)(a) of the Criminal Law of Lagos State, 2015.
NAHCO Signs New Ground Handling Deals
Firm Identifies Global Scam Activity Linked to the Release of Avatar 3
Showmax Unlocks Easier Payments for Nigerian Subscribers via Baxi
Mandatory Biometric Verification for Starlink Users in Nigeria Begins
Ecobank Offsets Repayment of $300m Eurobond Notes
Banks quietly move to enforce new ₦50 transfer levy from Jan. 1
FIRS says NIN, CAC Numbers to Serve as Tax IDs from 2026
Financial Sector Faced AI, Blockchain and Organised Crime Threats in 2025 – Report
PalmPay Launches N400 Million World Travel Carnival, Rewarding Users with Free Global Trips
Minister Claims Bandits Exploit Poor Network, Bounce Calls Off Multiple Towers
News2 days agoCourt Sends Faleti, Ex-Lagos Director to Jail for Stealing ₦48.9m from Access Bank
E-Financial2 days agoRemita Powers over ₦100 Trillion in Payments as Nigeria’s Digital Economy Expands
News3 days ago974 Nigerians Face Imminent Deportation from Canada Amid Enforcement Surge
General News3 days agoHouse of Reps Releases Certified Copies of Tax Reform Acts amid Gazette Discrepancy Claims
E-Financial2 days agoWhy 2026 Must Be the Year Nigeria’s Economy Works for All
E-Financial2 days agoFlutterwave Acquires Nigeria’s Mono in $25m-$40m All-Stock Deal
E-Financial2 days ago2026: SEC to Review Rules to Incentivise SME Listings
General News2 days agoNigeria Targets Satellite-to-Mobile Services in Draft Spectrum Roadmap