Nigeria’s Entertainment Industry worth N1trillion

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By Alex C

The Nigerian entertainment industry is estimated to be worth over N1 trillion. This revelation was made at the end of a consolidated financing forum for the up and coming industry by capital market operators in Lagos recently.

A peep into the industry reveal that the entertainment industry is largely under-utilized based on the uncoordinated nature of the attention it gets which has equally limited it from leveraging the incentives that would aid its expansion.

With the zeal and popularity of entertainment in Nigeria and the quest for Nigerian creative products and services across the world, an evolution of an entertainment city will obviously deliver more income to the Nigerian economy than oil and gas, analysts say.

Key capital market operators believe that the creative industry is getting into their radar as potential sector for listing considerations. This renewed interest is based on indication that the industry brings about 14 percent content into the country’s Gross Domestic Product (GDP).

The new approach is expected to target the development of core entertainment infrastructure in the industry such as studios, theatres, cinemas, pre-production materials and digital platforms. A film city and modern events centres are equally part of the infrastructure consideration which they said have huge market value. There are only 84 cinema centres in Nigeria presently, a development which investors believe may have limited the potentials in the industry.

With the downward trend in oil and gas price, stock brokers believe that attention on the entertainment industry may breed a new life-line for an economy that may be used in closing the revenue gap that may ensue in the event of an unexpected oil price crash.

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