Perception of Visual Art Entrepreneurs on Economic Sustainability in the Nigerian Creative Industry

This research explores financial, social and environmental factors as it pertains to the economic sustainability of visual arts entrepreneurship in Nigeria. The creative industry, encompassing activities centered on creativity, innovation, and intellectual property, is pivotal in Nigeria’s economy. Creative entrepreneurship within this industry emphasizes creativity in entrepreneurial efforts, often leading to businesses that integrate cultural expressions and artistic values, particularly in visual arts. This sector not only contributes significantly to Nigeria’s GDP but also plays a vital role in cultural representation and economic development, marking its importance in the nation’s broader creative landscape. A mixed-methods approach involving an online questionnaire consisting of 40 formulated economic sustainability assessment questions was distributed to 173 respondents in Lagos state, and a semi-structured interview with 4 respondents was employed to collect the data. The results revealed the predominant participation of younger individuals aged 20 to 45 in the visual arts sector of the Nigerian creative industry. Additionally, it identified a high rate of unemployment as a motivation for venturing into creative entrepreneurship. It further highlighted the challenges, opportunities, and strategies for promoting economic growth and resilience in this sector. Although the full potential of Nigeria’s creative industries is yet to be fully optimized, the research identified that governmental backing emerges as a pivotal factor for nurturing the economic sustainability of visual arts entrepreneurs in the creative sector. Keywords: economic sustainability, visual arts, creative entrepreneurship, creative industry(ies)