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2019 Renewable Energy Industry Report

Overview

Over the last three years, the Entertainment Sector has evolved into a more important segment of the Nigerian economy, on the back of the growing number of blockburster movies coupled with the export of Nigerian music. The Nigerian Entertainment Industry is a significant part of the Arts, Entertainment and Recreation Sector, contributing ₦156.5 billion to Nigeria’s GDP in 2018. The Sector has gained international recognition with Nigerian film and music being demanded abroad, on account of the growing population of Nigerians in the diaspora. The Industry is considered a good platform to promote the brands of large organisations. These promotions have in turn increased the popularity and financial worth of brand ambassadors through endorsements, thereby, growing the industry in general. The film and music industry is a veritable source of employment and means of livelihood to a larger population. Despite these improvements, the Industry remains relatively underdeveloped. Some of the key challenges in the industry include inadequate funding, the dearth of skilled human capital, inadequate infrastructure, weak regulatory oversight, and piracy.

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