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Why Art Matters for Economic Growth in Nigeria

byTemilolaoluwa Olatunde
May 2, 2026
in Economy, News
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Economic growth is often measured by numbers like income, investments, and infrastructure. However, experts are now emphasizing that true national development goes beyond finances. It must also include art, culture, and intellectual expression.

This idea was highlighted during a virtual session आयोजित to mark World Art Day, held in collaboration with Tate Modern. The discussion brought together professionals from the corporate and creative sectors to explore the role of art in shaping Nigeria’s future.

Ngozi Akinyele, Chief Communications and Marketing Officer at Coronation Group, explained that financial success alone does not define a nation’s prosperity. According to her, while money and investments help build a country, culture and creativity give it meaning. They shape how people see themselves and how the world understands them.

She pointed out that art and intellectual contributions help preserve identity. Without these, economic progress may lack direction or deeper value. In her view, countries that invest in their cultural assets tend to build stronger, more balanced societies.

The session, titled *“In Conversation with Osei Bonsu: Inside Nigerian Modernism,”* focused on the growth and global influence of Nigerian art. Osei Bonsu described Nigerian modernism as a unique and independent movement. He explained that it draws from the country’s rich mix of traditions, histories, and cultural expressions.

Rather than simply copying Western styles, Nigerian artists have developed their own voice. This originality has helped Nigerian art stand out on the global stage.

Participants also discussed how international interest in Nigerian art has been rising steadily. Major exhibitions in global institutions like Tate Modern are helping to showcase Nigerian creativity to a wider audience. This growing attention is creating new opportunities for artists and strengthening Nigeria’s cultural presence worldwide.

Amaechi Okobi, Chief Communications Officer at Access Holdings, spoke about the importance of partnerships in promoting African stories. He noted that collaborations like this one are helping to amplify voices from the continent. By supporting artists and cultural projects, organizations can play a key role in sharing authentic African narratives with the world.

Both Coronation Group and Access Holdings stated that their involvement is part of a larger mission. They aim to encourage cultural engagement and ensure that Nigeria’s creative heritage is preserved for future generations.

The discussion made it clear that art is not just for entertainment or decoration. It is a powerful tool for education, identity, and global connection. Investing in art can boost tourism, create jobs, and inspire innovation.

Tags: African CreativityCultural Identityeconomic growthModernismNigerian ArtWorld Art Day
Temilolaoluwa Olatunde

Temilolaoluwa Olatunde

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