- Says Earnings From Fashion Over N4 Trillion of Nigeria’s re-Based GDP
Nigeria’s Minister of Information and Culture, Alhaji Lai Mohammed, has again called on International investors to take advantage of existing opportunities in the nation’s creative industry and invest accordimgly. The Minister who described the industry as the fastest-growing sector of the nation’s economy said ”in terms of business opportunities, employment, earnings and entertainment” Nigeria’s creative sector has abundant opportunities.
Alhaji Mohammed spoke at the 11th Tourism Investment and Business Forum for Africa (Investour) held on the sidelines of the ongoing International Tourism Trade Fair (FITUR) in Madrid, Spain, on Thursday. Represented by his special assistant on media, Segun Adeyemi, the Minister 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 Lai Mohammed said, adding that ”with over 2,000 movies produced annually, the opportunities are immense for wealth and job creation.”
He added: “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.”According to him “the potential impact of such growth includes the creation of an 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 a very vibrant and popular music industry which not only reflects her cultural richness but had over the years translated into international recognition and acceptance”.
”The Nigeria 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.
He noted 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.”
In fashion, Lai Mohammed who put the estimated earnings at over N4 trillion of Nigeria’s re-based GDP (National Bureau of Statistics, 2018) said arts and crafts are other growing areas of the Creative Industry.
He said: ”Nigeria could also leverage on gastronomy to grow its tourism and create jobs especially for women. It offers opportunities for communities to integrate tourism and local food systems in order to promote economic activities. Gastronomy tourism contributes positively to many levels of the tourism value chain, such as agriculture and local food manufacturing and provides a platform for the promotion of cultures through their cuisine.”
