Ngozi Okonjo-Iweala Offers Advice On How To Boost Nigerian Music Industry
Dr. Ngozi Okongo-Iweala discusses strategies to revitalize Nigeria’s music business.
By Omotayo Olutekunbi
Nigeria’s most important cultural export is entertainment, which has helped her establish worldwide soft power while contributing to economic prosperity.
Ngozi Okonjo-Iweala, Director General of the World Trade Organization, advised on methods to develop the Nigerian music industry during a speech at the Governors Forum at State House Abuja.
The former Finance Minister suggested that the entertainment industry may be expanded to contribute more to the Nigerian economy, citing California as an example of a massive economy based mostly 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 problem that has stifled the expansion of entertainment in Nigeria, and the introduction of streaming services would aid in eradicating the epidemic.
“But streaming offers new and growing possibilities for reach, affordability, and revenue generation,” she explained.
The entry of DSPs like as Apple Music, Spotify, Audiomack, and Boomplay into the music business has enabled a legal and lucrative way of music consumption. Some music streaming services provide ad-supported streaming for free to listeners.
Similarly, video streaming services such as YouTube, Netflix, Showmax, and Amazon Prime help reduce piracy while subsidizing film development.
According to Dr. Okonjo-Iweala, Nigeria’s entertainment sector has a lot of potentials that may be exploited alongside the country’s rich culture and history.
Follow Our Activities On Facebook
1 hour ago
5 hours ago
7 hours ago
#BigBrotherNaija “Level Up” Week 6
Though last Sunday Sunday was meant to be a “no-eviction” day, it came as a shocker when fake housemate, Modella…
Dating in 2022; Situationships Are Not For The Fainthearted
Situationships are defined as that space between a defined relationship and something other than a friendship. It is a romantic…
20 Questions With Dinta Media’s Visual Storyteller, Chimeremogo Nwoke
Dinta Media is not really just a media production brand but we like to see ourselves as a hub for…
How Are Nigeria’s Small Businesses Coping?
The current rising rate of inflation and other burdens against the Nigerian economy speaks to the realities of the times.
Thrifting Is All The Rave Now, Here’s Why
By Amy Adindu The affordable clothing movement has gained global attention and acceptance as we’re all trying to look like…
#BigBrotherNaija “Level Up” Week 2
Week 2 of the highly watched Nigerian TV show kicked off with an early plot twist. On Sunday, Big Brother…
#BlueTunes: Burna Boy, Omah Lay Top Album Picks For July
July was a promising month for music lovers; from Lizzo’s album titled Special and Imagine Dragons’ Mercury, (Acts 1 &…
#BlueTunes Album Picks For June
Gbagada Express – Boj Bolaji Odojukan, popularly known as BOJ, was raised both in England and Nigeria. He shot to…
“A Creative’s Dream” with Jeff Chinonso
On the 26th of June 2022, Jeff Chinonso hosted his first solo art exhibition. The Augmented Reality exhibition themed “A…
Nigerian API-based company Thepeer raises $2.1 million
Tech infrastructure startup Thepeer has raised a $2.1 million seed round according to a report from TechCabal. Thepeer, a Nigerian…
Dika Ofoma, Ugochukwu Onuoha take on grief in Debut Film “The Way Things Happen”
The twenty-minute film focuses on the loss of a loved one, and how grief changes a person.
Nigerian Startups might just be Crippled by a Recently Leaked bill
Over the years there has been talks of amendment on the 2007 Act of the National Information & Technology Agency (NITDA).
Why We Love Kelechi Amadi Obi
The definition of talent is Kelechi Amadi’s iconic story. Imagine a person who studies law in school, gets called to Bar, and leaves it all for something different and unrelated…Painting!