Intellectual property valuers have called on the Federal Government to establish a robust framework to ensure the sustainability of the newly launched Creative Economy Development Fund.
This call comes following the government’s approval of the initiative, which aims to support the creative industry and has already attracted $200 million from AfreximBank for its take-off.
The Chairman of the Nigerian Institution of Estate Surveyors and Valuers (NIESV) Faculty of Business Assets and Intellectual Property Valuation, Mr. Lekan Akinwunmi, and the faculty’s facilitator, Dr. Thomas Ashaolu, emphasized the need for structured implementation and professional involvement. They made these remarks last week while reacting to the Federal Government’s approval of the fund, which seeks to pool resources for creatives across Nigeria.
Akinwunmi commended President Bola Ahmed Tinubu and the Minister of Arts, Culture, and Creative Economy, Mrs. Hannatu Musawa, for spearheading the initiative. He stressed the importance of engaging trained and registered valuers to ensure the fund’s success. “We are ready to collaborate with the government to pilot this initiative effectively. However, it is critical to avoid politicization or ethnic biases that could derail the fund’s objectives,” he said.
Ashaolu highlighted the fund’s potential to address youth unemployment, emphasizing its role in making young Nigerians more productive. “This fund provides an opportunity to steer youths away from illicit activities by engaging them in meaningful ventures,” he noted.
On fund management, Ashaolu urged the government to collaborate with professional groups in the creative industry for proper coordination and administration. “Professional associations can streamline the identification and organization of beneficiaries, ensuring that the right individuals benefit from the initiative,” he said.
He also emphasized the growing importance of intellectual property valuation in the evolving market, both nationally and internationally. “While estate and valuation practices have traditionally focused on tangible assets, there is a growing need to specialize in the valuation of intangible assets, such as intellectual property,” Ashaolu added. He called for more skill development programs and seminars to equip professionals with the knowledge to meet the sector’s demands.
Despite intellectual property being a relatively new area in Nigeria, Ashaolu noted that the country was ahead of many others in embracing this emerging market. He urged the government to integrate trained estate surveyors and valuers into the fund’s management to leverage their expertise in economic and financial matters, particularly valuation.
The Creative Economy Development Fund is seen as a significant step toward unlocking the potential of Nigeria’s creative industry, with experts advocating for its effective implementation to maximize its impact.
