The Federal Government has inaugurated an eight-member Inter-Ministerial Committee to oversee the planning and execution of the African Global Festival Nigeria.

The festival is a cultural initiative aimed at showcasing Nigeria’s rich heritage while boosting economic diversification.

The Secretary to the Government of the Federation, Senator George Akume, who inaugurated the committee, said the initiative aligns with President Bola Tinubu’s Renewed Hope Agenda and seeks to shift Nigeria’s economic focus from oil dependency to cultural investments.

A statement released on Tuesday by the Director, Information & Public Relations, Segun Imohiosen, said Akume, who was represented by the Permanent Secretary, General Services Office, Dr. Nnamdi Mbaeri, emphasised that AGLOFEST would create numerous job opportunities, particularly for the youth, and contribute significantly to Nigeria’s Gross Domestic Product.“The SGF stated that President Bola Tinubu approved the Committee intending to diversify Nigeria’s economy from oil-centrism to tapping into the potential in the nation’s cultural gold mine to improve the nation’s GDP.

“SGF, who was represented at the inauguration by the Permanent Secretary, GSO, Mbaeri assured that the African Global Festival will serve as a game changer in providing job opportunities to the teeming population of youths in the country,” the statement partly read.

He said the Inter-Ministerial Committee chaired by the SGF includes representatives from key government agencies, including 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; and the Nigeria Police Force, led by Inspector-General Kayode Egbetokun.Speaking, the Convener of AGLOFEST, Dr Mac Babatunde, projected that if fully harnessed, the festival could attract up to $20 billion in investments over the next five years.

He noted that AGLOFEST would go beyond traditional cultural displays, serving as a platform for discussing business opportunities in Nigeria’s creative sector, particularly for investors from the diaspora.

“The African Global Festival will, in the next five years, yield around $20 billion worth of investment into the various sectors of the creative economy.“The goal of the AGLOFEST is beyond celebrating the nation’s cultural music and dance; it is also about discussing business opportunities available in Nigeria where people in the Diaspora could invest,” he stated.