By Olakunle Agboola – The UK Government, in collaboration with Nigeria, hosted a high-profile Business Matchmaking event in London to celebrate the launch of the UK-Nigeria Creatives Working Group. This initiative is a significant milestone in the Enhanced Trade and Investment Partnership (ETIP) between both nations, aimed at fostering innovation, creative collaboration, and sustainable economic growth across multiple sectors, with a special focus on the creative industry.
The event, held on Tuesday, 11 March 2025 at Russell Square, London, commenced on a vibrant note with a networking breakfast, setting the stage for meaningful peer exchanges. Mark Jenkins, a key figure in UK-Nigeria trade relations, opened the session by emphasizing the importance of strengthening bilateral trade within the creative industry. He noted that the creative economy is a growing force in Nigeria and, through strategic partnerships with the UK, could unlock new opportunities for business owners in sectors such as fashion, film, music, and digital content creation.
Unlocking the Potential of the Creative Economy
One of the keynote speakers highlighted the evolving landscape of Nigeria’s economy, particularly under President Bola Ahmed Tinubu’s administration. He stressed the need to leverage Nigeria’s vibrant creative sector by fostering collaboration with UK stakeholders who possess advanced financing, distribution, and production expertise.
A panel discussion further explored how both countries could overcome the distinct challenges within their creative ecosystems. Participants acknowledged the need for improved financing, distribution channels, and intellectual property protection. A key concern was the disparity between the funding models for creative ventures in the UK and Nigeria. Unlike traditional trade investments with short-term returns, the creative industry requires a long-term funding approach, as films, music, and digital content have a lifespan of 2-3 years before yielding full profitability.
Financing and Distribution: The Challenges Ahead
One of the critical issues addressed was the difficulty in securing financing for creative projects. Nigerian filmmakers and fashion entrepreneurs struggle to attract investors due to the perceived high risk and lack of structured financial models. A speaker emphasized the need for collaboration with stakeholders who understand value-driven partnerships and long-term investments.
Distribution was another major talking point. While Nigerian films have achieved global recognition, access to international markets remains a challenge. Streaming giants like Netflix and Prime Video have played a role in amplifying Nigerian content, but monetization remains unpredictable. Industry leaders stressed the importance of establishing dedicated UK-based cinemas that showcase Nigerian films, providing greater visibility and financial returns for creatives.
Policy, Diaspora Engagement, and Infrastructure
Speakers called for stronger government policies to support creative exports and facilitate cross-border collaborations. They urged the Nigerian government to tap into its diaspora for investment and expertise, ensuring that creatives receive the necessary support to scale globally.
A key proposal was the establishment of a structured framework that allows Nigerian creatives to benefit from UK-based financial institutions, providing access to funding that would otherwise be unavailable in Nigeria’s underdeveloped credit ecosystem. Another suggestion was to streamline visa accessibility for Nigerian creatives to facilitate cross-border projects and engagements.
Building a Sustainable Creative Ecosystem
The discussions also touched on the need for a robust creative ecosystem, with an emphasis on discipline and professionalism among industry players. A speaker noted that while the industry is filled with talent, a lack of business structure and accountability hinders progress. The need for clear-cut business models that benefit both investors and creatives was heavily emphasized.
The music industry was also highlighted as an area that requires better governance structures. Issues such as trust, fair contracts, and revenue transparency continue to plague the sector. Similarly, streaming services have reshaped the consumption of African content, but the low subscription rates in Nigeria compared to Western markets have led to a funding gap, making it harder for platforms to justify investment in Nigerian productions.
The Way Forward: Strengthening Bilateral Commitments
As the event drew to a close, attendees were divided into sector-specific groups—fashion, music, film, and digital content—to discuss collaborative opportunities and draft action points for future engagements. The organizers pledged to compile a communique outlining practical steps to reinforce UK-Nigeria creative partnerships and ensure tangible outcomes.
The growing interest in Nigeria’s creative industry highlights the importance of initiatives like the UK-Nigeria Creatives Working Group in tackling key challenges and creating new opportunities for creatives in both countries. Through collaboration, streamlined policies, and sustainable financing models, this initiative represents a significant step toward positioning Nigeria’s creative economy on the global stage.
A Vision for the Future
The event underscored the importance of structured policies, diaspora engagement, and business-oriented creativity. As digital consumption continues to shape the industry, stakeholders must work towards models that allow creatives to retain long-term revenue streams, similar to global icons like Michael Jackson, whose content continues to generate income decades after release.
In a closing remark, one of the speakers reaffirmed the government’s commitment to supporting Nigeria’s creative industry, citing plans to formalize and enhance initiatives like “Detty December,” which has organically thrived as a cultural and economic driver. With the right policies, infrastructure, and international collaborations, the Nigerian creative industry is poised for unprecedented growth, benefiting both local and international stakeholders.
The event wrapped up at 2:00 PM, leaving attendees with renewed optimism about the future of UK- Nigeria creative relations and the industry’s potential to drive economic transformation.
Kindly follow us on twitter:@AfricanVoice2
