The Ministry of Finance Incorporated (MOFI) has completed the first phase of Nigeria’s Cultural Assets Monetisation Project, cataloguing 2,102 tangible cultural assets in a move aimed at unlocking the economic value of the country’s cultural heritage and expanding its contribution to the national economy.
The milestone was announced by the Managing Director and Chief Executive Officer of MOFI, Dr Armstrong Takang, after he hosted the Minister of Arts, Culture, Tourism and the Creative Economy, Hannatu Musa Musawa, and her delegation in Abuja.
The project is being implemented under a Memorandum of Understanding signed by MOFI and the Federal Ministry of Arts, Culture, Tourism and the Creative Economy last year to identify, document and unlock the value of Nigeria’s cultural heritage as part of broader efforts to diversify the economy and strengthen the country’s asset base.
During the meeting, MOFI formally presented the National Cultural Assets Register and Catalogue to the minister, marking the successful completion of the project’s first phase. The exercise identified, verified and catalogued 2,102 tangible cultural assets across the country.
Takang said the next phase of the initiative would focus on assigning economic value to the documented heritage resources and establishing the legal and governance frameworks required to optimise their commercial potential through structured management and investment.
He reaffirmed MOFI’s commitment to the project, noting that it aligns with the organisation’s mandate of building a comprehensive national assets register that enables proper valuation, transparent management and effective optimisation of government-owned assets.
According to him, recognising cultural heritage as an economic asset will help position the sector to make a stronger contribution to Nigeria’s Gross Domestic Product (GDP) while creating new opportunities for tourism, investment and job creation.
Takang also commended Minister Musawa for her commitment to the initiative and her determination to implement President Bola Tinubu’s directive on the successful completion of the Cultural Assets Monetisation Project.
The Cultural Assets Monetisation Project forms part of the Federal Government’s broader strategy to preserve Nigeria’s rich cultural heritage while transforming it into a sustainable source of economic value capable of attracting investment, boosting tourism and supporting long-term national development.
