Exploit potential in entertainment industry – Okonjo-Iweala to Nigerian govt

Ngozi Okonjo-Iweala, the Director General of the World Trade Organisation, WTO, has advised the Nigerian government on how to leverage the Nigerian entertainment industry.

Speaking at the Governors Forum in Abuja on Monday, Ngozi, who was the former Minister of Finance, stated there is a lot of potential in the entertainment industry that could be exploited alongside the country’s rich culture and history.

Earlier reported how the incoming government could harness $15b potential in the Nigerian entertainment sector.

Citing California as an example, Iweala said, “I was in the Caribbean earlier this year and was delighted to hear people in Saint Lucia listening to Nigerian music. According to an Afreximbank report, Nollywood is one of the world’s fastest-growing creative industries, worth $6.4 billion in 2021 and growing at 10% per year.

”The rise of streaming services will end piracy, which has hampered the entertainment industry’s expansion. But streaming offers new and growing possibilities for reach, affordability, and revenue generation.

”For the music industry, the entrance of DSPs such as Apple Music, Spotify, Boomplay and Audiomack has created a legal and profitable means for music consumption. Some streaming services offer ad-supported streaming, which listeners can enjoy for free.

”Also, video streaming services like Netflix, Showmax, Amazon Prime and YouTube are playing a role in reducing piracy while funding movie production.”