This study examines the challenges and prospects of the cultural industry in promoting Nigeria's economy through a qualitative case study of Nike Art Gallery, Abuja. The research investigates the gallery's contributions to employment generation, cultural preservation, entrepreneurship, tourism, and economic diversification, while identifying the constraints limiting its developmental potential. Data were collected through semi-structured interviews with purposively selected staff and artists and were analysed using thematic analysis. The findings reveal that Nike Art Gallery serves as a vital platform for artistic training, cultural heritage preservation, market access, and income generation, thereby supporting the growth of Nigeria's creative economy. However, inadequate funding, high production costs, unreliable infrastructure, weak institutional support, limited market access, and intellectual property concerns continue to hinder the sector's expansion. The study concludes that strategic investment, stronger cultural policies, improved digital infrastructure, and enhanced public-private partnerships are essential for unlocking the full economic potential of Nigeria's cultural industry and ensuring sustainable national development.