The World Trade Organization’s Director General, Ngozi Okonjo-Iweala, has counseled the Nigerian government on how to capitalize on the Nigerian entertainment industry.
Daily Post reported that Ngozi, a former Minister of Finance spoke at the Governors Forum in Abuja on Monday, stating there is a lot of potential in the entertainment sector that could be utilized alongside the country’s rich culture and history.
She narrated how she was in the Caribbean earlier this year and was happy to hear people in Saint Lucia listening to Nigerian music.
According to an Afreximbank analysis, Nollywood, which is expected to be valued at $6.4 billion and increase at a 10% annual rate by 2021, is one of the creative industries with the highest global growth.
“The emergence of streaming services will put an end to piracy, which has constrained the growth of the entertainment sector. However, streaming opens up fresh, more affordable, and profitable opportunities.
“The entry of DSPs like Apple Music, Spotify, Boomplay, and Audiomack has created a legal and profitable way for music consumption for the music industry. A few streaming sites provide free, ad-supported streaming for users.
Additionally, she added that streaming media services like “Netflix, Showmax, Amazon Prime and YouTube are playing a role in reducing piracy while funding movie production.”
