As investments in the Nigerian entertainment industry booms, it has grown since its inception in the 70s; becoming one of the major contributors to Nigeria’s economy. It is often seen as an informal sector or less relevant when compared to the other ‘major’ sectors of the economy.
With increasing attention on the entertainment industry by the Federal Ministry of Industry, Trade, and Investment, the entertainment industry is gradually taking its rightful place.
It now has an unparalleled record of reducing the unemployment rate in the country. According to a report from PricewaterhouseCoopers Nigeria (henceforth, PwC) titled “Entertainment and media outlook: 2015 – 2019 (South Africa – Nigeria-Kenya).” Nigeria’s entertainment and media market grew by 19.3% in 2014 to averaging US$4 billion. By 2019 the market was expected to double with an estimated total revenue of US$8.1 billion.
Young Nigerians are Creating Jobs and Crushing Unemployment through Entertainment
A recent PwC report further stated that a 21.5% compounded annual growth rate (CAGR) is expected by 2022, with revenue averaging US$9.9 billion in that year. Nigeria’s entertainment industry also known as Nollywood, is currently the third-largest in the world after Hollywood and Bollywood. Internet access revenue, alongside TV adverts and subscriptions, accounted for 89.6% of this positive growth. A report published by premiumtimesng showed that the Nigerian entertainment industry experienced a boom, mainly because Nigerians consume more video on mobile devices than on TV. As such the industry witnessed a 25.5%growth in revenue which amounted to $3.8b with $605 million of the estimated $764 million rises attributed to internet access. Over the years, the entertainment industry has continued its pursuit to become the pride of Nigeria and Africa at the global level. It has undergone reforms and newly enacted policies which are geared towards achieving its global ambitions. In 2017 the Entertainment and Creative Services Department was created to give dedicated attention to the nation’s entertainment and the creative sectors. A report of the Economic Recovery and Growth Plan (ERGP) of the Federal Government of Nigeria projected that Entertainment and Creative industry alone will contribute at least $1 billion to the economy by the end of 2020, Providing a huge investment opportunity for both local and foreign investors.
The entertainment industry which includes: movies, comedy, music, artist displays, and cultural fiestas, etc. has contributed immensely towards changing the narratives about Nigeria and Africa at large. The music sector which stands out within the industry has contributed greatly towards re-branding the image of Nigeria and Africa at large. The multibillion-dollar sector has given opportunities to many young talented Nigerians to pursue their dreams and create their future.
Some Notable Faces in the Nigerian Entertainment Industry
Today, despite all odds Nigerian musicians are among the best around the world. Big names like Davido, Wizkid, Burnaboy, 2face, etc. are notable winners of prestigious international awards. They have successfully combined talent and hard work in the pursuit of their career towards achieving their dreams, hence are role models to other aspiring young Nigerians. Speaking of aspiring young Nigerians, the Nigerian music industry is filled with young creative, and talented Nigerians relentlessly pursuing their careers.
The case of Charles Nnaemeka Madukasi (aka Emmzy) is one among many others that present a story of dedication, hard work, and perseverance in the pursuit of one’s career.
Mr. Emmzy (Charles Nnaemeka Madukasi
Emmzy’s music career started from the church back in Nigeria. He continued his music career when he moved to study in China, where despite many challenges he encountered, got his breakthrough at last. Emmzy believes that persistence will get you what you want, while consistency will preserve what you have gotten. As such philosophy forms part of his formidable virtues set alongside patience which are vital for one who wishes to remain at the top.
As part of giving back to the people, he advocates that aspiring young artists in Nigeria should be given more chance to showcase their talents by hosting talent shows every quarter of the year and helping them become better (professionally). As the saying goes “there’s dignity in labor”, those who know Emmzy, especially Nigerians in NiDO East China where he currently serves as the Welfare Secretary can attest to his dedicated, consistent, and selfless services to the organization and humanity at large.
In conclusion, as we stated earlier, Emmzy’s story is one of many other similar stories. The government is, therefore, charged with the task to fully invest in the Nigerian Entertainment and Creative industry as a means towards boosting the economy and reducing unemployment.
By Edeh Emmanuel Chidiebere and Osuwa, Chinwenwa Omega