Former Minister of Finance and the Director General of the World Trade Organisation (WTO), Ngozi Okonjo-Iweala has advised on ways to boost the Nigerian music industry.
The former minister stated this while speaking at the Governors Forum in the State House Abuja, Nigeria’s capital.
The former Minister of Finance stated that the entertainment sector is one that can be boosted to contribute more to the Nigerian economy while siting the state of California as an example of a huge economy built largely on services and Entertainment.
“I was in the Caribbean earlier this year and was delighted to hear people in Saint Lucia listening to Nigerian music. Nollywood is one of the world’s fastest-growing creative industries, according to an Afreximbank report, worth $6.4 billion in 2021 and growing at 10% per year
According to the World renowned economist, piracy is a scourge that has limited the growth of entertainment in Nigeria and the entrance of streaming services will help checkmate the scourge.
“But streaming offers new and growing possibilities for reach, affordability, and revenue generation,” she explained.
For the music industry, the entrance of DSPs such as Apple Music, Spotify, Audiomack, and Boomplay has created a legal and profitable means for music consumption. Some music streaming services offer ad-supported streaming which listeners can enjoy for free.
Similarly, video streaming services like YouTube, Netflix, Showmax, and Amazon Prime are playing a role in reducing piracy while also funding movie production.
According to Dr. Okonjo-Iweala, there’s a lot of potential in Nigeria’s entertainment industry that can be explored alongside her rich culture and history.
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