Nigeria faces unprecedented economic challenges, with the naira’s depreciation being one of the most pressing issues affecting both socio-economic growth and national identity. Since the Structural Adjustment Program era, the value of the naira has fallen significantly—from a dollar exchange rate of under one naira in the 1970s to over 1,000 naira to the dollar today. This currency crisis has impacted every facet of Nigerian life, emphasizing the need to realign cultural values with economic policies.

Historically, Nigeria’s cultural and economic practices were closely aligned with agricultural self-reliance and exploration of natural resources. The naira’s robust standing reflected the nation’s commitment to hard work, self-sufficiency, and pride in Nigerian-made products. The adoption of foreign products and practices has since led to a decline in local industries, and a growing disconnect between Nigerians and their cultural roots. Imported goods—from fabrics to everyday commodities—have increasingly overshadowed Nigerian-made products, further weakening the economy and sidelining local producers.

Many countries, like the United States and China, have leveraged their cultural heritage to foster economic growth, drawing strength from national pride and self-reliance. Nigeria, with its vast cultural heritage, can adopt similar strategies by nurturing cultural industries and promoting local products on the global stage. India, another former British colony, has shown how traditional culture and economic self-sufficiency can coexist successfully by prioritizing local products and promoting national identity, resulting in sustained economic growth and cultural pride.

Recognizing this, Nigeria’s National Council for Arts and Culture (NCAC) has launched programs to revive local industries, with a focus on empowering individuals and communities to create value-added products for the national and international markets. Through initiatives like the National Festival of Arts and Culture and the International Arts and Crafts Expo, the NCAC has promoted skill acquisition in traditional crafts such as metal production, fabric making, and beadwork, offering participants training and startup grants. Over ten thousand Nigerians, including women, youth, and people with disabilities, have benefited from these programs, gaining skills in industries that can strengthen the nation’s cultural economy.

To expand Nigeria’s reach in the global cultural market, the NCAC has launched the INAC Expo, themed “Networking Nigerian Crafts to the World,” targeting foreign embassies and diplomats. This approach aims to introduce Nigerian crafts to international markets through diplomatic channels, emphasizing quality improvement, global design standards, and brand consistency to attract foreign consumers and investors.

The NCAC’s “37 Wonders of Nigeria” initiative encourages each Nigerian state to focus on one unique cultural product, underscoring local talents and cultural heritage. The concept, which promotes a collaborative approach instead of competition, was launched in Lagos, underscoring Nigeria’s cultural diversity as a national asset. Iconic products from each state, such as the Zanna cap from Borno, the Queen Idia mask from Edo, and the Dada pottery of Kwara, represent the cultural wealth that can be showcased internationally. These unique products can serve as cultural ambassadors, enhancing Nigeria’s global image and economic footprint.

Nigeria’s rich array of festivals, including the Argungu Fishing Festival, the Osun Osogbo Festival, and the Eyo Masquerade, also offers opportunities to boost tourism and promote cultural pride. By creating a national festival calendar that groups festivals into clusters, Nigeria could attract international tourists seeking cultural immersion, potentially establishing a steady source of income for local economies.

To realize these goals, stakeholders in the arts and culture sector, along with government agencies, need to collaborate on policies that prioritize and financially support cultural enterprises. By aligning economic objectives with cultural values, Nigeria can create a robust cultural economy that supports socio-economic growth, ultimately leading to a more stable and powerful naira.

The NCAC, under its current leadership, is committed to pushing these efforts forward. Its work exemplifies the potential of cultural resources to drive economic resilience, and the agency calls on all Nigerians to support this vision by embracing and investing in cultural products and practices that reflect and preserve Nigeria’s rich heritage.