Otunba Biodun Ajiboye: Revamping Nigeria’s Economy Through Cultural Currency

Otunba Biodun Ajiboye: Revamping Nigeria’s Economy Through Cultural Currency

By Bolaji Israel

The significance of a nation’s cultural heritage cannot be overstated, given its economic, aesthetic, tourism, educational, and research values. This includes both material and non-material aspects, such as customs, norms, values, traditional monuments, ideologies, and philosophies of life.

Nigeria, with its vast resources beyond natural wealth, boasts a vibrant tapestry of human resources, such as brilliant scholars, innovators, world-renowned entertainers, successful industrialists, and most impressively a rich array of cultural heritage, including artifacts, festivals, tourism sites, and cultural traditions.

In fact, globally acclaimed events like the Ojude Oba Festival in Ijebu; Ori Olokun and Aje Festivals in Ife; Osun Osogbo Festival, Durba Festival in Kano, Eyo Festival in Lagos, and Ikogosi Spring, exemplify the nation’s cultural wealth. Experts estimate that these cultural assets have the potential to generate billions of dollars in revenue, and can be transformed into viable economic contributors that can strengthen the nation’s fragile economy.

In June, the Minister of Arts, Culture, and Creative Economy, Hannatu Musa-Musawa, announced the establishment of a $100 billion economic expansion fund aimed at promoting and preserving Nigeria’s cultural heritage under President Tinubu’s administration. This initiative signals the current government’s commitment to fostering a cultural hub by 2030.

Otunba Biodun Ajiboye, the newly appointed Executive Secretary/CEO of the National Institute for Cultural Orientation (NICO), is at the forefront of this cultural renaissance. Known for his leadership and ability to transform potential into results, Ajiboye has a rich history of success as a media entrepreneur and advocate for excellence in Nigeria’s tech industry, having founded the Nigeria Telecom Awards, which attracted the attention of several African Presidents.

Ajiboye’s influence extends beyond media; he is a cultural icon and holds the reverred chieftaincy title of Otunba Muwagun of Oro Kingdom. His international efforts, such as the World Sango Festival, brought over 20,000 foreign visitors to Nigeria in 2013 and showcased the significance of Yoruba culture in the Americas during cultural expeditions to Cuba and Brazil.

With a strong background in media and advertising, Ajiboye has played a crucial role in political campaigns, notably serving as the Assistant Director of Media & Publicity for President Tinubu during the 2023 general elections. His strategic insights significantly shaped the campaign’s success, effectively dismantling several negative issues and public queries that could have hindered Tinubu’s Renewed Hope ambition.

Ajiboye’s appointment as NICO head aligns with President Tinubu’s knack for identifying talent, positioning him to lead a vital phase of cultural and economic development. He has articulated a vision for NICO that emphasizes cultural renaissance and regeneration, focusing on harnessing culture for national development.

To ensure his vision’s success, Ajiboye has engaged with various stakeholders, including a courtesy visit to Minister Musa-Musawa, emphasizing the importance of cultural orientation in Nigeria’s creative evolution. He aims to promote Nigeria’s rich cultural heritage while fostering a true “Cultural Identity.”

NICO under Ajiboye’s leadership will prioritize training for political leaders, legislators, diplomats, and military personnel in cultural matters. He is also collaborating with UNESCO and the University of Calabar to enhance youth involvement in safeguarding Nigeria’s intangible cultural heritage.

In a groundbreaking initiative, Ajiboye secured approval from the National Youth Service Corps (NYSC) to teach indigenous languages across Nigeria, furthering the mission to revive cultural values. He envisions that Nigeria can earn substantial foreign exchange through better packaging and promotion of its festivals and tourism potential, which could significantly bolster the economy.

Moreover, he is pursuing a policy to ensure at least 20% of cultural content in Nigerian films by collaborating with the National Film and Video Censors Board (NFVCB). His commitment to repositioning NICO aligns with its founding objectives, emphasizing effective collaboration with both public and private sectors.

Ajiboye’s dedication to re-enacting cultural values in Nigeria reflects a vision characterized by diligence and an unwavering commitment to advancing the nation’s cultural landscape. His efforts have been recognized by prominent figures, including His Imperial Majesty, Ooni Adeyeye Enitan Ogunwusi, who expressed satisfaction with Ajiboye’s appointment.

With Otunba Biodun Ajiboye at the helm of NICO, Nigeria stands poised for a cultural revival that underpins national development and economic growth. His leadership signifies a pivotal step toward realizing President Tinubu’s Renewed Hope agenda, highlighting the essential role of culture in fostering unity and identity for genuine nation-building.

In a world where development is intrinsically linked to cultural enhancement, Ajiboye’s capacity and mission to leverage Nigeria’s rich cultural heritage for economic advancement is indeed commendable and should be encouraged.