Intellectual property valuers in Nigeria are advocating for the inclusion of members from the Nigerian Institution of Estate Surveyors and Valuers in the country’s burgeoning creative industry. Dr. Thomas Ashaolu, a prominent figure in the field and former Head of Estate Management and Valuation at the Federal Polytechnic, Ilaro, emphasized the need for government officials overseeing the creative sector to engage qualified estate surveyors and valuers. He underscored that these professionals possess the necessary training and expertise in economic and financial valuation, which is crucial for the effective management of resources within this dynamic sector.
The creative industry has recently gained traction with the Federal Government’s establishment of a Creative Economy Fund, designed to support and enhance the sector. Lekan Akinwunmi, Chairman of the Faculty of Business Assets and Intellectual Property Valuation and facilitator of this initiative, revealed that the fund has already secured a significant investment of $200 million from AfreximBank. Akinwunmi expressed his appreciation for the government’s timely approval of the initiative, urging collaboration with relevant stakeholders, particularly registered and trained valuers, to maximize the impact of the fund. He reiterated that, beyond political considerations, Nigeria’s rich creative potential should be leveraged for collective development amid the current global economic landscape.
Acknowledging the government’s initiative, Dr. Ashaolu highlighted the fund’s potential to significantly reduce unemployment among youths in Nigeria. He emphasized that, by fostering productivity through engagement in the creative sector, the initiative could deter young individuals from resorting to illicit activities. This underscores the critical role that supported pathways into creative professions can play in addressing joblessness and promoting a more stable socio-economic environment.
Dr. Ashaolu also suggested that proper management of the Creative Economy Fund would necessitate clear communication pathways through established professional groups in the creative industry. He noted that such an organizational structure would facilitate easier coordination of interested parties, thereby ensuring the government identifies and works with the most qualified individuals for the initiative’s success. This strategic approach is essential for effective fund administration and realization of the broader goals for the creative economy.
The speakers emphasized the value of skill development within the context of valuing both tangible and intangible assets in the creative industry. Dr. Ashaolu pointed out that the traditional focus on property valuation must now expand to include emerging domains, highlighting the growing significance of intellectual property valuation. He called for enhanced training opportunities and seminars to equip valuers in adapting their skills to this specialized market, which presents substantial opportunities at both national and international levels.
Ultimately, the discourse reflects a broader recognition of the creative industry’s potential to contribute to Nigeria’s economic growth, particularly through the engagement of trained professionals. By collaborating with the government in managing the Creative Economy Fund, registered valuers can facilitate a much-needed transformation in the sector. Through effective coordination, training, and the innovative application of their expertise, members of the Nigerian Institution of Estate Surveyors and Valuers can play an integral role in harnessing the immense possibilities within Nigeria’s creative landscape.
