Minister woos investors to Nigeria’s creative industry



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Minister woos investors to Nigeria’s creative industry

Our Reporter



 

INFORMATION and Culture Minister Lai Mohammed has urged investors to take advantage of the burgeoning opportunities in the Nigeria’s creative industry, which he described as the fastest growing sector of the nation’s economy, in terms of business opportunities, employment, earnings and entertainment.



The minister spoke at the 11th Tourism Investment and Business Forum for Africa (investor), on the sidelines of the ongoing International Tourism Trade Fair (FITUR) in Madrid, Spain.

He said the sector currently employs about 1 million people, directly and indirectly, and has the potential to employ millions more, with the much-needed investment.

’’Nollywood, for example, is not just about entertainment. It is also a major driver of economic growth and job creation, especially for youths and women,’’ Alhaji Mohammed said.

‘’With over 2,000 movies produced annually, the opportunities are immense for wealth and job creation.’’

He said though the growth in the area of cinemas, for example, has been impressive, it is yet a tip of the iceberg.

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’’In 2014, Nigeria had just 23 cinemas, 100 screens and three digital platforms. By 2018-2019, the cinemas have grown to 51, the screens to 184 and the digital platforms to five. Now, this is just a tip of the iceberg, considering that 6,000 screens and 1,000 cinemas are required to serve the Nigerian population of about 200 million people,’’ the minister said.

He said the potential impact of such growth includes the creation of additional 1 million jobs and a GDP growth contribution of 3 to 5 per cent.

Alhaji Mohammed, who served as a panelist at the event, said the nation also boasts of a very vibrant and popular music industry which not only reflects her cultural richness, but has over the years translated into international recognition and acceptance.

’The Nigerian music revenue grew from about $36 million in 2014 to $53 million in 2018 and is projected to hit $86 million in 2021, making it the biggest in the region,’’ he said, noting that a chunk of the figure comes from digital music consumption, an area of the market which significantly boosted the industry in Nigeria and paved the way for local artists to thrive.

 

 

Minister woos investors to Nigeria’s creative industry

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