Individual assignment Two

Through creative economy, people can put their creative imagination into reasonable use to increase the value of an idea. Creative economy typically ensues wherever individual creativity is the major cause of a transaction and is highly valued. Several indicators can be used to measure a creative economy, like trade, consumer expenditure and producer output. Promoting creativity is essentially important, creativity comes with the ability to problem solve, collaborate, make connections, innovate and reflect critically.

The creative and cultural industries are progressively perceived as important sectors of a knowledge- based, modern economy, not only in municipal or urban areas, but in various economic setting. Creative and cultural practitioners, characterized by flexible and portfolio working environment, change between private and public sectors: showing adaptability, compliance and versatility. There is a high demand for the skills and opinions of the industry all over the economy, as they are viewed as vital to driving and fueling the economy.

Generally, some of the reasons why creative industries are seen as increasingly essential for economic development and why the government should support the industry are:

• Consumers spend a large part of their income on different cultural and leisure goods
• Creative and cultural industries are a booming economic sector- in the UK, it accounts for 8% of its GDP (BOP Consulting, 2006)
• Creativity is highly perceived as a vital contribution into the economy as a whole
• Barriers to entry in some creative sectors are dropping – through digital technology, innovation has been promoted, and more entrants into the creative sector.

Creative economies are usually seen in market-based economies in which there is benefit of artistic and intellectual freedom, accessible private capital, lack of restriction/control, access to knowledge, and the autonomy to fix market prices whereby the population can, on their own make a choice regarding what to rent or buy. It is one of the most vibrant sectors of the global economy along with a strong transformative force for socioeconomic development. Creative economy deals with the boundary between technology, economy, culture and social aspects. The reliance of creative goods and services on skills, ideas and knowledge and the capacity to seize new opportunities makes them resilient products.

According to a United Nations survey (2008) of the global creative economy, “the border that exists between technology, creativity, culture and economics, as defined in the capacity to distribute and generate intellectual capital, possesses the ability to generate jobs, income and increase export, at the same time advancing diversity in culture, social inclusion and human development. And this is what the emerging creative economy has set in motion”. The creative economy can produce a cross-cutting connection with the overall economy both at micro and micro levels If operative and efficient public policies are set.

Nigeria, for example, is the largest economy in Sub-Saharan Africa, and a fast-booming film, tech and fashion industry which have come to become a strong exporter of culture. According to the federal government, “Nigeria’s greatest strength lies in her creative industry”. The Minister of Information and Culture stated that the creative industry is an area where the government is rebranding with huge investment on necessary infrastructure and people with the aim of maximizing potentials in the sector. Furthermore, he specified that government has been incenting the Nigerian artists for develop