- Given that it is one of the industries with the highest growth in Nigeria, the entertainment business there has had a significant impact on the country’s economy. The Nigerian music industry, which trails only the American music industry in terms of global performance, is the second-best performing entertainment and media consumer market, according to a report by Stears Business. In addition, Nollywood is acknowledged as the second-largest film industry in the world, with a market value of about $6.4 billion in 2021.
- The article examines how the Nigerian entertainment sector will profit from Tinubu’s government. According to the article, President Tinubu would be aware of the strategic value of the entertainment sector and what it could mean for the nation if its potential were completely realized. Some of the potential advantages are listed, including:
- Increased funding and investment for the entertainment industry through policies that offer loans, grants, tax incentives, and intervention funds for professionals in the industry.
- Improved infrastructure and internet access for the distribution and consumption of digital content, as well as the protection of intellectual property rights and the fight against piracy.
- Enhanced collaboration and partnership between the entertainment industry and other sectors, such as tourism, education, health, and agriculture, to create synergies and opportunities for growth and development.
- Expanded market and audience for Nigerian content, both locally and internationally, through initiatives that promote cultural exchange, co-production, and distribution agreements with other countries and regions.
- Improved welfare and recognition for veterans and legends in the entertainment industry, through schemes that provide health care, pension, insurance, and awards for their contributions to the sector.
- However, some sources say that Tinubu’s aspirations for the presidency are uncertain or unfeasible. As an illustration, MSN states that some filmmakers have attacked Tinubu’s choice of Hannatu Musawa as his Special Adviser on Culture and Entertainment Economy, claiming that she lacks experience and credibility and is not well-known in the sector. According to BBC, Tinubu confronts five significant challenges as Nigeria’s next leader, including eliminating the gasoline subsidy, addressing insecurity, recovering the economy, combating corruption, and unifying a fractured country.
- Olalekan, concludes that for the industry to thrive, there must be a collaborative effort between the government and stakeholders and by following the suggested outline listed in the article.
Source:
Business Day
Via:
Olalekan Oloyade
