Afolabi Seeks Investment To Convert Nigeria’s Cultural Heritage Into Economic Value

Afolabi Seeks Investment To Convert Nigeria’s Cultural Heritage Into Economic Value
By Prince Benson Davies

The Chairman of SIFAX Group, Dr. Taiwo Afolabi, has called for increased investment, collaboration and professional development to transform Nigeria’s cultural heritage into viable economic assets.

Afolabi made the call at the 39th International Conference and 40th Annual General Meeting of the Society of Nigeria Theatre Artists, SONTA, held at Lead City University, Ibadan. The conference, which opened on August 19, 2026, was themed “African Indigenous Knowledge Systems in Performance, Film and Sustainable Futures.” Afolabi served as Chairman of the Occasion and was represented by Olumuyiwa Akande, Group Head, Corporate Communications, SIFAX Group.

He described Nigeria’s indigenous knowledge — expressed through storytelling, music, dance, drama, festivals and proverbs — as a vital but underutilised national resource.

According to him, theatre and film provide the most effective platforms to preserve the heritage while repackaging it for modern audiences and creating new economic opportunities.

“Nigeria must move beyond preservation and focus on turning our indigenous culture into economic and cultural value,” he said. He urged creative professionals, academics, government agencies, businesses and cultural institutions to develop indigenous stories into high-quality productions that can compete in international markets.

Afolabi also stressed the importance of technology in documenting knowledge that has been passed down orally across generations. He said digitisation will help safeguard the knowledge and make it accessible for commercial and educational use.

Citing the global success of African music as a reference point, he said the creative industry can drive economic growth, employment, tourism, cultural diplomacy and Nigeria’s international image if given proper investment and professional management.

He, however, noted that achieving similar success in theatre and film will require sustained funding, stronger professional standards, collaboration and commitment to quality.

Afolabi called for stronger partnerships between government, the private sector, academia and cultural institutions. He urged businesses to support the sector through investment, technology, capacity building and platforms for creative entrepreneurs to scale.

He charged conference participants to develop actionable recommendations and partnerships that can influence policy and strengthen Nigeria’s creative ecosystem.

The SIFAX Chairman also emphasized the need for authentic storytelling. He encouraged African creatives to tell their stories from their own perspectives, avoid stereotypes, and project the continent’s diversity and cultural strength.

At the event, Afolabi was presented with the Grand Excellence in Leadership Award in recognition of his contributions to the development of the creative industry.