- holds potential to create 20 million jobs, $20bn annual revenue
Onome Amuge
The $56 billion global creative economy, composed of the entertainment, creative, and tourism industries, has been identified as a promising solution to Africa’s persistent unemployment problem. According to experts, the sector has the greatest potential to create employment opportunities and boost economic growth across the continent, tackling one of the most significant socio-economic challenges facing many African nations.
Kayode Adebayo, CEO of Ckrowd and Board Director of Arts Connect Africa (ACA), in an interview with Business a.m., highlighted the enormous potential of the creative sector in creating more jobs and improving employment levels in Africa.
The interview, set to be published in the news media’s upcoming weekly publication, underscored Adebayo’s belief that the entertainment, creative and tourism industries hold the key to unlocking more employment opportunities in the continent.
Citing a report released by the United Nations Educational, Scientific, and Cultural Organisation (UNESCO), Adebayo pointed out that the creative sector has the capacity to generate up to 20 million jobs across the continent and produce more than $20 billion in annual revenue.
“African youths will be gainfully employed if proper attention is paid to developing the Music, Film, Fashion, Culinary, Creative Arts, Technology Industries,” he stated.
Speaking on the missed opportunities in the African creative sector, the creative economy specialist expressed disappointment at the prevailing trend of neglecting industries within the informal sector, despite their significant potential for job creation and economic growth.
According to Adebayo, the informal sector, which includes the entertainment, creative, and tourism industries, has one of the highest capacities to absorb unemployed individuals and contribute to economic development in Africa. However, he lamented that the continent only captures a meager 2.9 percent of the global $56 billion creative economy, and provides just about two million jobs, as per market reports
In a positive outlook for the African creative sector, Adebayo pointed out that the African music market is currently valued at $3 billion and has exhibited the most rapid growth in digital music globally in 2023.
He also noted that the market experienced a 30 percent increase in the same year, with South Africa taking the lead by contributing 70 percent of this growth.
The Ckrowd CEO argued that these developments, coupled with the vast potential of the creative sector, provide a strong case for increased investment and support to harness the continent’s creative talents and drive economic growth.
“Talent will become a huge commodity for Africa now and in the future if Africa properly positions for it,” he said.
According to Adebayo, African youths will be gainfully employed if proper attention is paid to developing the music, film, fashion, culinary, creative arts, technology industries. He noted that if the supply and value chain for these industries are properly developed to capture value within the African continent, it would not only employ massively, it will also generate a lot of foreign exchange for the continent.
