February 10, 2018

Creative Economy


The creative economy is an emerging economy dealing with the interface between arts, design, entertainment, culture, economics and technology in a contemporary world dominated by images, sounds, texts and symbols.

Today, the creative industries are among the most dynamic sectors in the world economy providing new opportunities for developing countries to leapfrog into emerging high-growth areas of the world economy.


World’s most successful economies have over the last decade leveraged on digital technology to create exponential growth and development in their creative industries. UK creative industries generate £91.8 billion a year amounting to 3.5% of their GDP, while those of the US generate $729.6 billion, amounting to 4.2% of their GDP.

In Nigeria, despite receiving very little support, the creative sector is one of the fastest growing and most prospective sectors of the economy. According to the national accounts, in the first quarter of 2017 alone, the creative industry grew by 12%, contributing 1.2% to the country’s GDP; generating a revenue of $5.915 billion.


The objective of Black Fragrance Creative Economy Support Program is to create sustainablecreative businesses which will grow and lead to job creation. This will in turn contribute to the diversification and growth of the economy and lead to poverty reduction.

Black Fragrance Foundation seeks to foster sustainable growth in this sector by working as a catalyst through a number of innovative programs and solutions.


1. Creating employment and trade opportunities through the “Black Fragrance Enterprise” – a social enterprise that provides a platform for creative entrepreneurs to come together and create innovative products and services, and then connect them to buyers globally.
2. Providing Professional Training and Continuous Capacity Building platforms for creative entrepreneurs to develop their talents and grow their skills.
3. Empowering start-ups in the Creative industries through enterprise development and business support programmes.
4. Support the industry with other strategic actions such as; policy advocacy, industry restructuring and standardization, international promotions and exposure.
5. Facilitating access to micro-credits and grants for promising creative start-ups.


In 2017 the creative industries grew by 12%, contributing 1.2% to Nigeria’s GDP; generating revenue of 5.915 Billion USD. The creative industries will lift millions of people out of poverty if properly harnessed and supported.

Black Fragrance Foundation is passionate about working hard to see an explosion in the sector across Africa. We need you on board as a catalyst and as a stakeholder.