Kenya’s creative industry is set to receive funding in the financial year 2023-2024 budget, with the aim of supporting the government’s bottom-up economic transformation agenda and enhancing revenue collection through automation of VAT systems.
According to Professor Njuguna, digitization and automation will increase productivity and competitiveness by providing quick access to markets, reducing information asymmetry, and improving risk management.
The promotion of music theaters, graphic design, digital animation, fashion, and crafts among others will create employment opportunities for the youth.
This move is expected to boost economic growth while also empowering young people. “The creative industry has enormous potential to contribute significantly to our economy,” said Professor Njuguna. “By investing in this sector, we can create jobs for our youth while also generating revenue that can be used to fund important projects such as Kenyatta University’s Kenya Advanced Institute of Science and Technology and a Konza data center and smart city facilities.” This announcement comes at a time when Kenya is seeking innovative ways to drive economic growth and reduce unemployment rates.
The creative industry has been identified as a key sector that can help achieve these goals.
As the country continues on its path towards economic recovery post-COVID-19 pandemic, it is encouraging to see the government prioritizing investment in sectors that have the potential to transform lives positively.
