Stakeholders have called for long-term financing of projects and a shift in the mindset of creative entrepreneurs as essential tools in enabling the creative industry to thrive.
The creative industry stakeholders reached this consensus at the maiden edition of QEDNG Creative Powerhouse Summit organised by Mighty Media Plus Network Limited in Lagos on Tuesday, August 12, 2025.
Speaking at the event, the Founder and Chief Executive Officer of Mighty Media, Olumide Iyanda, called for “honest conversations,” noting that it is time for creatives to think and act smart for the industry to bloom.
“Nigeria’s creative economy contributes approximately $5.6 billion to our GDP, and it is the second-highest employer in the country. The federal government has set a bold goal of raising the sector’s contribution to $100 billion by 2030. The plan seeks to position Nigeria as a leading creative and entertainment hub on the global stage,” he said.
According to him, talents and ideas abound, but the real challenge is turning them into “something people can see, hear, touch and actually pay for.”
“We need honest conversations. We need new partnerships. We need to think big and act smart,” Iyanda, who doubles as Publisher of QEDNG and Convener of the QEDNG Creative Powerhouse Summit, added.
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The Group Managing Director of SO&U, Udeme Ufot, in his capacity as chairman of the summit, commended QEDNG as a platform which has “steadily grown into a reputable voice in Nigeria’s media and digital journalism space through its commitment to telling authentic stories, amplifying emerging voices, and shaping conversations that reflect our evolving national identity. Its journey mirrors the core theme of this summit: unlocking potential through vision and purpose.”
He stated that capital is required to unlock the potential of Nigeria’s creative economy and that capital must be sustainable and accessible.
Ufot said: “Because without access to sustainable and strategic funding, creativity struggles to scale. Ideas remain trapped in notebooks. Studios shut down. Talent goes untrained. And potential remains just that – potential!
“The issue is not just about throwing money at the industry. It is about smart financing. It is about investors who understand the long tail of content development, banks willing to develop products tailored for creative entrepreneurs, governments designing policy environments that reward innovation and risk-taking, and private sector leaders championing scalable, locally relevant business models.”
The advertising expert urged Nigerian creative entrepreneurs to demonstrate sound financial management and assure investors that funds entrusted to them will be used responsibly.
Other dignitaries at the summit included the Founder of the Africa Soft Power Group, Dr Nkiru Balonwu; President Bola Tinubu’s Senior Special Assistant on Media and Publicity, Temitope Ajayi; filmmaker and Founder of KAP Group, Kunle Afolayan; President and Founder of All-Africa Music Awards (AFRIMA), Mike Dada; Founder of Africa Film Finance Forum (AFFF), Mary Ephraim-Egbas; and Founder of Duke of Shomolu Productions, Joseph Edgar; among others.
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