Ngozi Okonjo-Iweala, the Director-General of the World Trade Organisation (WTO), has provided guidance to the Nigerian government on how to harness the potential of the country’s entertainment industry.
During a speech at the Governors Forum in Abuja, Okonjo-Iweala, who previously served as Nigeria’s Minister of Finance, highlighted the vast opportunities present in the entertainment sector, along with the nation’s rich culture and history.
As previously reported by DAILY POST, the Nigerian entertainment sector holds a potential value of $15 billion.
Drawing inspiration from California, Okonjo-Iweala noted the global reach of Nigerian music, citing her experience of hearing it being played in Saint Lucia. According to a report by Afreximbank, Nollywood is among the world’s fastest-growing creative industries, with a value of $6.4 billion in 2021 and an annual growth rate of 10%.
The rise of streaming services has the potential to combat piracy, which has hindered the industry’s expansion. Streaming platforms offer new and expanding opportunities for wider audience reach, affordability, and revenue generation.
In the music industry, the introduction of digital service providers (DSPs) such as Apple Music, Spotify, Boomplay, and Audiomack has created legal and profitable channels for music consumption. Some streaming services offer ad-supported options, allowing listeners to enjoy music for free.
Furthermore, video streaming platforms like Netflix, Showmax, Amazon Prime, and YouTube play a role in reducing piracy while providing funding for movie production.
Okonjo-Iweala’s insights shed light on the immense prospects for the Nigerian entertainment industry and highlight the importance of leveraging technological advancements and global platforms to drive its growth.