The Federal Ministry of Information and  Culture and  The Tony Elumelu Foundation  in Lagos on Tuesday, signed a Memorandum of Understanding (MoU)  on the development of the creative industries in Nigeria.

Launched in 2015 TEEP is the largest African philanthropic initiative devoted to entrepreneurship and represents a 10 year, $100 million commitment, to identity and empower 10,000 African entrepreneurs, create a million jobs and add $10 in revenue to Africa's economy.

According to Tony Elumelu, founder of the Tony Elumelu Foundation, the MoU was to cement a partnership between the Federal Government and the private sector to develop the creative industry. He noted that the creative sector generated about 1.42% of the country’s annual GDP, which amounts to $2 billion.

Explaining further, he said: “If a sector that has not been so supported and encouraged can generate this much, then you can imagine the possibilities when the kind of support we envisage comes in. So this is one sector that can do a lot to help in diversifying the economy.”

He expressed aversion to the belief that that the business of development in the country should be left to the public sector, commenting that the private sector also has a key role to play in the development of African and Nigeria through long-term investments.

Also speaking at the event was the minister of information and culture, Alhaji Lai Mohammed, who said the partnership will help re-position the Creative Industries in Nigeria. He also expressed strong belief that the collaboration with Tony Elumelu Foundation will usher in the much needed catalyst to evolve a Creative Economy.

Alhaji Mohammed said an innovative part of the collaboration ”is the plan to convene a Creative Economy Task Force to map the Creative Industries to provide a better picture of what is happening on the ground and help inform policy development”, saying ”We also plan to measure the economic contribution of these industries to the Nigerian economy and provide a blueprint for action.”

He explained that the agreement was part of efforts by the Federal Government to ensure that the Creative Industries become a major factor in the ongoing diversification of the country’s economy.

He commended the Chairman of the Foundation, Mr Tony Elumelu, for throwing his full weight, and that of his Foundation, behind the idea of a partnership between the Ministry and the Foundation to rejuvenate the Creative Industries, which range from advertising, architecture, the art and antiques market, crafts, design, fashion, film, interactive leisure and software, music, the performing arts andpublishing to Radio and Television.

Attendees at the event include Joke Silva, Alibaba, Chris Ubosi, D'banj, Obi Asika, Dolapo Oni, Audu Maikori, among others.