Lai Mohammed Says Nigeria Music Revenue Would Hit $86 Million In 2021, Biggest In Africa
The Minister of Information and Culture, Alhaji Lai Mohammed has revealed that Nigeria music revenue is projected to hit 86 million dollars (about N3.096 billion) in 2021, making it the biggest in Africa.
The minister disclosed this on Thursday in Madrid, Spain at the 11th edition of the Tourism Investment and Business Forum for Africa (Investour) organised by the United Nations World Tourism Organisation (UNWTO) and CASA Africa.
News Agency of Nigeria (NAN) reports the forum is on the sideline of the ongoing 2020 International Tourism Trade Fair (Fitur), one of the biggest tourism fairs worldwide that holds annually in Madrid.
Mohammed who was among the panelists at the forum said the nation’s music revenue grew from about 36 million dollars in 2014 (about N1.596 billion) to 53 million dollars (about N1.908 billion) in 2018.
The minister also disclosed that fashion and design earnings were put at slightly over N4 trillion of Nigeria’s re-based GDP in 2018.
“Although the art and craft sector largely consists of an unskilled workforce and individuals from remote and poor rural areas, it contributes to addressing some of the challenges that local communities face.
The minister noted that with the impressive figures, the Creative Industry has been viewed as a sector that could help the government reach its goal of diversifying the nation’s economy away from oil. (NAN)
Meanwhile, KanyiDaily had reported how a Nigerian singer born and living in the UK for more than 30 years has been given 14 days to leave the country or be deported back to Nigeria.
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