Visual Arts Practice: A Catalyst for Developing a Local Economy in Nigeria

Abstract

Nigerian operates a mono-economy, which can be assessed based on its operation despite other numerous potentials that abound. The indices that make for economic growth if well harnessed can lead to Nigeria out of the wood. One area of focus is the visual arts practice vis-à-vis its capacity to be a catalyst for developing a local economy in Nigeria. The institutional capacity to develop art to contribute to the GDP (Growth Domestic Product) of the economy is lacking or they are not playing their role as expected. Record sales have been achieved of Nigerian artworks and of other artists around the globe. It is envisaged that in the near distant future, art will become a part of the major drivers of the Nigerian economy.

Key words: Local economy, Auction houses, Art practices, Art collection and Art pricing