Entertainment, Arts Considered Major Economic Boosters

In the face of the current economic crisis that Nigeria is facing, arts, entertainment and recreation have been said to increase the nation’s GDP by 0.23% in the second quarter of 2016, although lower than the 0.26% contributed in the first quarter of the year.

This is according to the National Bureau of Statistics.

The movie industry which started merely as a means of expression and entertainment, is said to have employed over two million people in 20 years.

This is only a fraction of the benefit that Nigeria enjoys from the entertainment industry.

The industry which is generally perceived as a world of glamour and ‘make belief’; only accommodating the good looking as well as the wealthy, has slowly grown to be a massive money machine for key stakeholders and the nation at large.

In 2014, Nigeria was considered as the leading economy in Africa, a recognition that was attributed partly to the six billion dollar contribution of Nollywood, music and the telecommunication industries.

Asides economic value, the entertainment industry has since been a huge employer of labour as millions of individuals are involved in the technicalities of content production.

The Nigerian movie industry, Nollywood which is said to churn out over 50 movies on a weekly basis, was considered the second largest film industry globally, with an estimated annual revenue of about 590 million dollars, according to African Movies News.

The music as well as comedy industries, have not been left behind either.

In 2010, record sales were estimated to about 50 million while at least 550 albums were said to have been released annually as at 2013.

Nigeria is said to have held an estimated 1,200 concerts, with a combined annual turn-over of musical shows to the tune of 105 million dollars.

The statistics have so far indicated that the industry may hold an answer to the economic recession.

More so, with the increased number of content in the movie as well as music industries, it is believed that the industry would contribute more significantly to

the nation’s economic status.

Speaking on the growth of the entertainment industry, Nigeria’s Minister of Information, Lai Mohammed, said that the government has been trying to create a more enabling environment, in order to ensure more development of the creative industry.

“Our aim remains to transit from a mere creative industry to a creative economy so that we can really create more wealth,” he said.