National Bureau of Statistics data indicates that the contribution of the arts, entertainment and recreation industry has not exceeded 4% from 2016 to 2021. The industry hit an all time low in 2020 where the percentage contribution to Nigeria’s GDP was -3%. The contribution to the GDP rose to 1.72% in 2021 indicating a growth of 3.40%.
Globally, the art and entertainment sector is impacted by technology and shifts in people’s consuming habits. A 2017 PwC report had predicted that the Nigerian Entertainment and Media industry will be the fastest growing in the world in the next 5 years with a CAGR of 12.1%. Nigeria’s Nollywood is second only to Hollywood and has seen growth with increasing cinemas, lucrative partnerships with global players like Netflix, although some may argue that the growth is not holistic and representative of the entirety of the sector.
The report also identified issues like Inadequate skills and human capital, poor technology and movie making equipment, copyright infringements & piracy which is a disincentive to investment, access to funds and weak Foreign Direct Investments, the lack of structure in the industry as well as inadequate project development & business planning as impediments to the potentials of the sector.
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