Thursday, April 18, 2024

Nigerian Entertainment Industry Gets Major Boost With New 12,000 Capacity Arena

Stakeholders in the Nigerian music industry have over the years restated the need for a world-class arena that can host music concerts and entertainment festivals.

Lagos State is set to get its first world-class infrastructure with work commencing at the 12,000 capacity Arena backed by Live Nation and Oak View Group.

The project is a partnership between Live Nation, OVG Persianas Group, and the Nigerian Sovereign Investment Authority (NSIA). The Lagos State governor Babajide Sanwoolu was present at the groundbreaking ceremony that was held on Saturday, February 24, 2024.

Excess of $100m is expected to go into the Arena which is slated for completion in December 2025.

Read More: Pastor Chris Leads 10,000 Voices In Rapturous Praise

The arena is expected to be capable of hosting 200 events annually including UFC, WWE, boxing and basketball events, music concerts, festivals, and award ceremonies.

“Nigerian artists are some of the most influential in the world right now and yet they have nowhere to play in their home market,” said Tim Leiweke, chairman and chief executive of OVG. “We want to change that. This consortium, headed by Tayo Amusan, has shown enormous tenacity and entrepreneurial spirit in getting this project off the ground and we are proud to be their partner,” he added.

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