Nigeria’s creative industry has witnessed remarkable growth and expansion in the past decade, becoming a major contributor to the country’s economy and a source of global recognition. According to a recent report by the Nigerian Entertainment Conference (NECLive), the industry is expected to generate a whopping $14.82 billion by 2025, up from $4 billion in 2013.
The report, which was released on Thursday, provides a comprehensive analysis of the financial performance and trends across various sectors of the industry, such as music, film, fashion, and comedy. It also highlights the challenges and opportunities that lie ahead for the industry in the next five years.
The report reveals that the music sector has undergone a significant transformation, from struggling to sell tapes and CDs to thriving on digital platforms and streaming services. Nigerian artists have also gained international acclaim and awards, such as the Grammys, Billboard, BET, MTV Europe Music Awards, and AMVCA. The report estimates that the music sector will grow from $73 million in 2013 to $1.8 billion in 2025.
The film sector, which is the second-largest in the world after India’s Bollywood, has also experienced a remarkable evolution, from producing and distributing low-budget movies to creating high-quality and diverse content that appeals to local and global audiences. The report attributes this growth to the emergence of online platforms such as IrokoTV, ShowMax, Netflix, and Amazon Prime Video, which have increased the accessibility and profitability of Nigerian films. The report projects that the film sector will increase from $5.1 billion in 2013 to $8.5 billion in 2025.
The fashion and comedy sectors have also witnessed impressive growth, driven by the creativity and innovation of Nigerian designers and comedians, who have leveraged social media and online platforms to showcase their talents and reach wider markets. The report estimates that the fashion sector will grow from $31 million in 2013 to $1.1 billion in 2025, while the comedy sector will grow from $72 million in 2013 to $227 million in 2025.
The report also identifies some of the factors that have contributed to the growth of the Nigerian creative industry, such as the increasing internet penetration and mobile phone usage, the integration of artificial intelligence and other technologies, the support of platforms and forums such as NECLive, which has facilitated dialogue and collaboration among industry stakeholders since 2013, and the resilience and adaptability of the industry players in the face of challenges such as piracy, funding, regulation, and competition.
The report concludes by outlining some of the recommendations and strategies that can help the industry sustain and accelerate its growth in the future, such as improving the quality and diversity of content, enhancing the distribution and monetization channels, strengthening the legal and regulatory framework, fostering partnerships and synergies, and investing in capacity building and talent development.
The report, which is based on data from various sources, including PwC, Statista, Forbes, and the World Bank, is the first of its kind to provide a comprehensive and holistic overview of the Nigerian creative industry. It is expected to serve as a valuable resource and guide for industry players, policymakers, investors, and researchers who are interested in the industry’s potential and prospects.
