The Federal Government has inaugurated an eight-member Inter-Ministerial Committee to oversee the planning and execution of the African Global Festival Nigeria, a cultural initiative aimed at showcasing Nigeria’s rich heritage while driving economic diversification, with projected $20bn investments.

Speaking at the inauguration ceremony, the Secretary to the Government of the Federation, Senator George Akume, stated that the initiative aligns with President Bola Ahmed Tinubu’s Renewed Hope Agenda and seeks to shift Nigeria’s economic reliance from oil to cultural investments.

According to a statement issued on Tuesday by the Director of Information and Public Relations, Segun Imohiosen, Akume—represented by the Permanent Secretary, General Services Office, Dr. Nnamdi Mbaeri—emphasised that AGLOFEST would generate substantial job opportunities, particularly for the youth, and significantly contribute to Nigeria’s Gross Domestic Product.

“The committee was approved by President Bola Tinubu with the aim of diversifying Nigeria’s economy from oil-centrism to tapping into the nation’s cultural gold mine to improve the GDP,” the statement read.

Akume assured that the festival would be a “game-changer” in creating employment for Nigeria’s growing youth population, leveraging the country’s cultural assets to drive economic growth.

The Inter-Ministerial Committee, chaired by the SGF, includes representatives from the Federal Ministry of Art, Culture, Tourism, and the Creative Economy; the Federal Ministry of Industry, Trade, and Investment; the Centre for Black and African Arts and Civilization; the Ministry of Foreign Affairs; the Department of State Services (DSS); and the Nigeria Police Force, led by Inspector-General Kayode Egbetokun.

Speaking on the festival’s potential, AGLOFEST Convener, Dr. Mac Babatunde, projected that the initiative could attract up to $20bn in investments over the next five years.

“The African Global Festival will, in the next five years, yield around $20bn worth of investment into various sectors of the creative economy,” Babatunde stated.

He noted that AGLOFEST would extend beyond traditional cultural showcases, serving as a platform to explore business opportunities within Nigeria’s creative sector, particularly for investors from the diaspora.

“The goal of AGLOFEST goes beyond celebrating our nation’s cultural music and dance; it is also about discussing business opportunities available in Nigeria where people in the diaspora can invest,” he added.