Creative, Tourism Infrastructure Corporation will fast track $1trn economy – TDF

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By Salif Atojoko

The Democratic Front (TDF), a think tank group, on Friday, said it was convinced that the Creative and Tourism industry would fast tract Nigeria’s march toward a one trillion-dollar economy by the President Bola Tinubu administration.

TDF was reacting to the approval by the Federal Executive Council (FEC) of the establishment of the Creative and Tourism Infrastructure Corporation (CTIC), mandated to diversify the economy and speed up its growth.

The group, in a statement by Malam Danjuma Muhammad, its Chairman, described the establishment of the CTIC as a bold move to ensure proper diversification of the economy.

“The multidimensional benefits and advantages of the new creative and tourism infrastructure corporation to Nigeria’s economy are too numerous to be mentioned.

“It is a key enablement for the main stimuli that drive economic growth and development, particularly with regard to job creation and poverty alleviation.

“We are convinced that the creative and tourism corporation will go a long way to enhancing the preservation of Nigeria’s culture and heritage and also promote the nation’s traditional crafts, music, and arts,” said TDF.

The group noted the feat achieved recently by Temilade Openiyi, popularly known as Terms, a Nigerian musician, in winning the Best African Music Performance at the Grammy Award.

It said it was a clear example of the abundant talents in Nigeria’s creative and tourism industry, which the corporation was expected to unlock.

TDF said it anticipated a boom in tourism enterprise, as the corporation would promote community engagement for trade and investment between tourists and Nigerians.

The group said the country was endowed with talents to invent and produce modern tourism products and services.

It added that the new corporation would reduce the country’s dependency on crude oil, by building capacity for local tourist companies to develop tourism products and services in Nigeria.

“This will strategically revolutionize ongoing efforts to diversify the economy.

“Indeed, the positive impact of this laudable decision by President Bola Tinubu on environmental sustainability is a key aspect that will attract Foreign Direct Investments into the sector.

“Global environmental agencies and stakeholders will support the corporation’s efforts in promoting eco-friendly practices and local conservation in creative tourism to achieve sustainable development,” said TDF.

NAN reports that the CTIC is to operate under a public-private partnership framework, attracting both local and international investors to support its goals.

The Ministry of Art, Culture, Tourism, and Creative Economy has engaged development partners and stakeholders, including international organisations like AFREXIM, IFC, World Bank, AfDB, AFD, EU, Ford and Rockefeller Foundations, and UNESCO, to develop innovative infrastructure development and financing approaches.

CTIC will operate as a limited liability company, with the Nigerian Government holding a 25-49 per cent minority stake through the Ministry of Finance Incorporated.

This governance structure ensures that CTIC will be governed by a competent Board of Directors and management team with reputable experience in the creative sector and relevant industries. (NAN) (www.nannews.ng)

Edited by Sadiya Hamza

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