The Oyo State Government has said its arts, crafts and cultural tourism sectors have the potential to generate billions of naira, as it moves to attract local and foreign investors into the creative economy.
The Commissioner for Culture and Tourism, Dr Wasiu Olatunbosun, disclosed this at a press conference to announce the Oyo State Business Forum 2026, held in Ibadan.
The forum, organised in collaboration with the Oyo State Investment and Public-Private Partnership Agency (OYSIPA) and the State Action on Business Enabling Reforms (SABER), is themed, ‘Investment and Export Promotion of Arts and Craft Business in Oyo State’.
Olatunbosun said Ibadan’s rich entertainment and cultural heritage provided a strong foundation for developing a creative economy capable of attracting international investment.
He said the government was working to restore the city’s historical prominence in the entertainment industry, stressing that “the economic opportunities in our culture and creative industry should not be left untapped.”
Citing the international recognition of the Sango Festival by UNESCO, the commissioner said efforts were also being intensified to develop the Egungun Festival into an international tourism attraction.
He said attendance at the Egungun Festival rose from between 6,000 and 7,000 in 2024 to about 15,000–17,000 in 2025, adding that the 2026 edition attracted more than 19,000 people and over 150 Egungun participants.
Olatunbosun added that the festival had attracted international interest, with enquiries from countries including Brazil, Cuba and Trinidad and Tobago.
The commissioner identified Aso-Oke, traditional textiles, fashion and visual arts as areas with significant investment opportunities, saying the African Continental Free Trade Area could help local producers access international markets.
Earlier, the Permanent Secretary of the ministry, Mr Ahmed Bello, said the forum was designed to showcase investment opportunities in the arts and crafts sector and position Oyo State as a cultural tourism destination.
He said the initiative would encourage practitioners to improve their capacity, develop commercially viable products and attract private-sector partnerships.
Also speaking, the Director-General of OYSIPA, Tilewa Folami, represented by Mr Adebisi Ajayi, said the agency was committed to converting investors’ expressions of interest into actual investments, businesses and employment opportunities.
Ajayi said the agency would track prospective investments from initial engagement through documentation, assessment and implementation, while connecting entrepreneurs with relevant government agencies, financial institutions and international buyers.
He said, “The success of this forum will not be measured by the number of meetings held, but by the quality of partnerships established and the investments translated into tangible economic outcomes.”
Ajayi urged local artisans and businesses to improve product quality, packaging and compliance with international standards, saying local products must be competitive enough to penetrate global markets.
The owner of Tunde Odunlade Arts and Culture Connexions Gallery, Prince Tunde Odunlade, said Nigerian contemporary art could compete favourably with works from other parts of the world.
Odunlade, who said he had practised art in Ibadan for about 50 years, urged investors to explore the commercial potential of the creative industry.
He said his activities had helped at least 30 people access opportunities in China, the United States and Europe, adding that the creative sector could also contribute to Nigeria’s foreign exchange earnings.
He also called for private-sector investment in tourism, claiming that Oyo State had 167 tourist centres that could be developed to generate revenue and create jobs.
The two-day forum is expected to feature exhibitions and business-to-business engagements aimed at connecting local creative entrepreneurs with investors, buyers and development partners.
