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FEC Approves CTICo to Drive $100 Billion Growth and Create 2 Million Jobs

The newly approved Creative & Tourism Infrastructure Corporation (CTICo) is a Special Purpose Vehicle (SPV) established under a Public-Private Partnership (PPP) framework to address critical infrastructure needs within Nigeria's creative and tourism sectors

Newsroom Nigeria by Newsroom Nigeria
February 5, 2025
in Across the Nation
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The Federal Executive Council has approved a landmark initiative that will transform Nigeria’s cultural, tourism, and creative economy industries. The Honourable Minister of Arts, Culture, Tourism, and the Creative Economy, Hannatu Musa Musawa, Esq., announced this following the council meeting yesterday at the State House.

The newly approved Creative & Tourism Infrastructure Corporation (CTICo) is a Special Purpose Vehicle (SPV) established under a Public-Private Partnership (PPP) framework to address critical infrastructure needs within Nigeria’s creative and tourism sectors. This initiative aligns with Presidential Priority 7 under President Bola Ahmed Tinubu’s Renewed Hope Agenda, focusing on accelerating economic diversification through creative arts, tourism, and innovation.

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Collaborative Efforts for Sustainable Development

To ensure CTICo’s success, the Ministry of Arts, Culture, Tourism, and the Creative Economy has engaged various development partners and international stakeholders. These collaborations aim to foster innovative strategies for infrastructure development and financing, laying a strong foundation for the growth of Nigeria’s creative and tourism industries.

Ambitious Goals to Drive Economic Growth

CTICo is set to revolutionize Nigeria’s creative and tourism sectors with the following objectives:

Generate $100 billion for the Nigerian economy

Create 2 million jobs across creative and tourism industries

Attract global investments, nurture local talent, and promote Nigeria’s cultural heritage on the world stage

Key infrastructure projects include:

Rehabilitating Obudu Resort and Yankari Game Reserve

Developing the Abuja Creative City

Establishing 5,000 cinema screens nationwide

Creating a Creative City at the Wole Soyinka Center in Lagos

Launching a Centre for African Arts

Implementing a Digital Distribution Network

Upgrading the National Gallery

Expanding the National Arena to a 100,000 seating capacity

These projects are designed to bridge the infrastructure gap in Nigeria’s creative and tourism industries, creating opportunities for artists, entrepreneurs, and investors while enhancing Nigeria’s cultural influence globally.

Strong Governance for Effective Management

The Nigerian Government, through the Ministry of Finance Incorporated (MOFI), will hold a 25-49% minority stake in CTICo, ensuring strategic oversight while preserving operational independence. The corporation will operate as a limited liability company, guided by a competent Board of Directors and a management team with extensive experience in the creative, tourism, and related sectors.

CTICo’s governance structure follows successful models from other Public-Private Partnerships, ensuring transparency, accountability, and efficient management of resources. This framework will enable CTICo to effectively monitor investments and oversee the implementation of key projects.

Driving Social Impact and Global Recognition

Beyond its economic contributions, CTICo will deliver broad social and cultural benefits. The corporation’s initiatives will:

Generate employment and entrepreneurial opportunities

Enhance cultural exports and strengthen Nigeria’s global influence

Promote inclusive growth and social cohesion

Ensure environmental sustainability across all projects

With a clear focus on infrastructural development, talent cultivation, and global cultural promotion, CTICo is poised to become a cornerstone of Nigeria’s creative and tourism sectors, driving the nation into a new era of innovation and sustainable growth.

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