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Business News of Thursday, 30 December 2021

Source: sunnewsonline.com

Creative industry contributes N730bn to Nigeria’s GDP in 2020

Motion picture and music recording accounted for roughly N730 billion of Nigeria’s GDP in 2020 Motion picture and music recording accounted for roughly N730 billion of Nigeria’s GDP in 2020

The General Manager, National Theatre, Iganmu Lagos, Prof Sunday Ododo, on Wednesday, December 29, said that motion picture and music recording accounted for roughly N730 billion of Nigeria’s Gross Domestic Product (GDP) in 2020, according to a data from statists.com.

Prof Ododo made the revelation in his address at the “Inter Agency Engagement on National Theatre Approach to Wealth Creation’ held at the Marquee centre of the National Theatre.

The Inter Agency Engagement forum had in attendance various stakeholder agencies as they were presented with a robust deliberations on how to create synergies in helping the National Theatre fulfil its mandate.

Prof Ododo further revealed that telecommunications and information services made up some N8.5 trillion, making telecommunications and information services the most viable sector in the creative and entertainment industry.

“Arts, entertainment and recreation grossed N158 million while publishing contributed N18.8 million.

“Here we have heads of government agencies and parastatals and key players in the creative industry who have contributed to the figures individually through programmes, products and creative contents but seldom collaborative programmes.

“Unfortunately, the penchant to `go alone’ has greatly hampered our earning power due to under-utilisation of the strength, expertise acumen and sagacity spread among us.

“Why has this unprofitable and crippling individualistic tendencies persisted among us? The answer is the lack of periodic inter-agency engagement where we can all crystalise our visions, pull our strengths and resources and set more nationalistic goals,” he said.

He called for more collaborations between government agencies and also called for harmonious relationship between stakeholders in the creative industry.

“Rather than unite as our mandates are intertwined, we have worked at cross purposes allowing petty inter-agency rivalries, suspicion and acrimonies to dictate interactions among and between us, rather we need more synergy.