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.
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