MORGANABLE LIFE & CULTURE / FESTIVALS
Nigeria’s cultural heritage could become a major economic asset if government and private-sector players develop better ways to fund, promote and commercialise it, investment banker Prince Olutoyin Ayoade has said.
Akure —
Nigeria’s cultural heritage could become a major economic asset if government and private-sector players develop better ways to fund, promote and commercialise it, investment banker Prince Olutoyin Ayoade has said.
Ayoade made the point on the sidelines of the Odun Omo Olowu festival in Abeokuta, Ogun State. He said cultural festivals already generate measurable business activity, but organisers and investors have yet to fully turn those earnings into structured investment opportunities.
The chief executive of MBC Securities Limited argued that festivals should no longer be viewed as gatherings. Instead, he said, they can operate as economic events that support businesses, attract visitors and create income across several industries.
According to Ayoade, the Odun Omo Olowu celebration brings together event planners, food vendors, Adire makers, fashion entrepreneurs, hospitality businesses, journalists and other service providers.
Their participation creates commercial activity before, during and after the festival.
He said organisers could build on those cash flows by developing investment products linked to festival activities.
Revenue from ticket sales, sponsorships, clothing and craft sales, hospitality services, broadcasting rights, vendor fees and spending by Nigerians in the diaspora could form part of such arrangements.
Ayoade suggested that financial professionals could pool and structure these income streams into products that ordinary Nigerians could invest in.
Such a model, he explained, could give festival organisers access to funds earlier, while allowing investors to share in the returns generated by successful events.
He also said the Nigerian Exchange could provide a platform for suitable cultural investment products.
However, such plans would require careful structuring, reliable financial records and cooperation between festival organisers, stockbrokers and other market professionals.
The proposal reflects a wider effort to treat culture as an economic sector and a source of national identity. Nigeria has internationally recognised strengths in music, film, fashion, food, literature and visual arts.
These areas can create jobs, attract visitors and generate export earnings when businesses have the support to grow.
Ayoade pointed to examples in other countries where entertainment and cultural activities have been developed into investable assets.
He said Nigeria could adapt similar approaches, provided that industry players develop products that meet the needs of investors and reflect the actual earnings of cultural events.
Beyond financing, he called on the Federal Government to provide stronger support for cultural development. He said the ministry responsible for the sector needs adequate funding and a plan for promoting selected festivals to international audiences.
He also urged authorities to improve security, transport and visa procedures. In his view, visitors will be more willing to attend Nigerian festivals if they can enter the country easily, travel safely and move between event locations without unnecessary difficulty.
Ayoade said Nigeria could learn from countries such as Brazil, where major cultural celebrations attract international attention and support economic activity.
He argued that the country should identify festivals with strong potential and develop them consistently instead of treating each event as an isolated celebration.
However, turning this activity into a lasting investment market would require more than enthusiasm.
Organisers would need transparent accounts, dependable attendance and revenue data, sound governance and clear agreements with vendors and sponsors.
Investors would also need to understand the risks and how any returns would be calculated.
His comments come as Nigeria seeks to strengthen the commercial foundations of its creative economy.
At the Creative Africa Nexus Weekend 2026 in Lagos, government officials and financial institutions also highlighted the need to convert the continent’s cultural influence into sustainable businesses and investment.
The Federal Government has announced financing initiatives for digital and creative enterprises, while development finance institutions have outlined support for businesses in the sector.
These efforts are intended to improve access to capital, strengthen production and help Nigerian creative companies reach wider markets.
At the CANEX gathering, Vice President Kashim Shettima said Nigeria needed to turn global admiration for its culture into contracts, markets and lasting wealth.
The message echoed Ayoade’s argument that cultural visibility must lead to stronger commercial opportunities for creators and businesses.
The government has also set a target of creating two million jobs in the creative economy by 2030. Achieving that ambition will depend on practical support, including investment, skills development, infrastructure, market access and protection for intellectual property.
For festivals, a structured financing model could help organisers plan beyond a single edition. Early funding may support better venues, promotion, production and visitor services.
In turn, stronger events could attract more sponsors, vendors and tourists, creating a cycle of investment and economic activity.
Still, the model would not suit every festival automatically. Financial institutions and organisers would have to assess each event’s income, costs, audience and operating history before offering an investment product. Clear disclosure would be essential to protect investors and maintain confidence.
Nigeria’s cultural resources are extensive, but their economic value will not grow through recognition alone. The country needs institutions and long-term planning to connect creators with finance and customers.
It must also ensure that local communities and creative workers receive a fair share of the value they help produce.
Ayoade’s proposal places festivals at the centre of that discussion. By treating their revenue as a potential source of investment, organisers and financial professionals could create new ways to fund cultural events and expand their economic reach.
The next step will be to turn the idea into workable arrangements. That means selecting viable festivals, recording their income accurately, building partnerships with market operators and putting investor protections in place.
If these foundations are established, culture could become not only a powerful expression of Nigerian identity but also a stronger contributor to jobs, business growth and national income.
