NGOZI OKONJO-IWEALA GIVES ADVICE ON HOW TO STRENGTHEN NIGERIA’S MUSIC BUSINESS
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By Adeniyi Onaara
Dr. Ngozi Okongo-Iweala discusses strategies to revitalize Nigeria’s music business.
Nigeria’s most important cultural export is entertainment, which has helped her establish international soft power while also contributing to economic prosperity.
Ngozi Okonjo-Iweala, Director General of the World Trade Organization, advised on methods to develop the Nigerian music industry during a speech at the Governors Forum at State House Abuja.
The former Finance Minister suggested that the entertainment sector may be expanded to contribute more to the Nigerian economy, citing California as an example of a massive economy based primarily on services and entertainment.
“I was in the Caribbean earlier this year and was delighted to hear people in Saint Lucia listening to Nigerian music. Nollywood is one of the world’s fastest-growing creative industries, according to an Afreximbank report, worth $6.4 billion in 2021 and growing at 10% per year.”
According to the world-renowned economist, piracy is a scourge that has stifled the expansion of entertainment in Nigeria, and the introduction of streaming services will aid in eradicating the scourge.
“However, streaming provides new and expanding opportunities for reach, affordability, and revenue generation,” she noted.
The entry of DSPs such as Apple Music, Spotify, Audiomack, and Boomplay into the music industry has enabled a legal and profitable way of music consumption. Some music streaming services provide ad-supported streaming for free to listeners.
Similarly, video streaming services such as YouTube, Netflix, Showmax, and Amazon Prime help to reduce piracy while simultaneously subsidizing film development.
According to Dr. Okonjo-Iweala, there’s a lot of potential in Nigeria’s entertainment industry that can be explored alongside her rich culture and history.
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