It has been said and shown that businesses, in general, do not enjoy the most encouraging environment in Nigeria and that becomes more true when one considers the art and entertainment industry of the country.
There are constant battles against piracy that the entertainment industry in Nigeria, which includes the movie making arm, the music arm and the writing arm, seem to be losing. There is also a decided lack of world class equipment and legal protection that are practically a given for people involved in the same pursuits in other parts of the world.
Despite these challenges, the arts and entertainment industry in Nigeria has managed to grow and thrive. The year 2016 has seen many music acts from Nigeria being swooped up by international labels like Sony.
Now, the National Bureau of Statistics has come to put a figure to just how well the art and entertainment industry in Nigeria has actually done in 2016. According to the Nigerian Gross Domestic Product Report released by the National Bureau of Statistics, the arts and entertainment industry experienced a growth of 1.86% to 12.81% in the third quarter of the year.
The report, which is done quarterly to provide information about the current economic status of the country, showed that the art and entertainment industry of Nigeria contributed N54b to the country’s GDP.
This is despite the fact that Nigeris’s economy has shrunk by 2.24% since 2015 and receded by 0.18% from the previous quarter. The data by the National Bureau of Statistics also showed that the arts and entertainment industry also experienced a recession as the growth seen in this quarter is 3.45% less than it was at this time last year.
The entertainers were hit hard by the poor economy. A lot of artistes lost brand endorsement deals in the course of the year but the figure shows that despite setbacks of that nature, Nigeria’s art and entertainment industry keeps on going strong.