In Nigeria, the music and film industries contributed $1.4 billion to the GDP in 2023. According to the national bureau of statistics, film production and music accounted for about 82% of the revenue from the creative industries sector.`
The contribution of entertainment to the GDP has increased over the last three years. In 2020, the Nigerian bureau of statistics had estimated the entertainment contribution at $1.1 billion.
Over three years, the sector's contribution surged by 27.46%.
This performance of the creative industries is notably attributed to several public initiatives aimed at supporting the sector.
Furthermore, in November 2023, the Minister of Culture Hannatu Musawa announced a strategy that would enable the creative industries to generate $100 billion in revenue by 2030. These initiatives include grant programs for new artists and small productions, tax incentives for investors in the music and film sectors, and increased support for the export of Nigerian cultural products. The government has also collaborated with financial institutions to facilitate credit access for creative sector entrepreneurs.
The strategic plan announced by Minister Musawa aims to enhance the protection of intellectual property rights to encourage creation and innovation, develop state-of-the-art infrastructure for the production and distribution of creative content, and promote Nigerian talents on the international stage.
This ambitious strategy aims not only to increase the revenues generated by the creative industries but also to create jobs and promote sustainable economic development in Nigeria.
With these efforts, the government hopes to position the country as a global leader in the field of creative industries by the end of the decade.
