Flag of Nigeria

Creative Industries Nigeria

Global Development Nigeria at Red Yellow Blue (RYB)


New report shows Nigeria’s creative industry is the country’s second-largest employer and has the potential to produce 2.7million jobs by 2025

May 10, 2021 – Jobberman, Nigeria’s No. 1 Career Platform, has launched a new report on Nigeria’s creative industry. According to the report, the creative industry is positioned as the country’s second-largest employer and has the potential to produce 2.7million jobs by 2025. Additionally, it is set to contribute 5 trillion Naira to the country’s GDP.

The study also finds that the creative industry employs 4.2 million people across five sectors, Media, Entertainment. Beauty and Lifestyle, Visual Arts, as well as Tourism and Hospitality.
> africa.businessinsider.com/new-report-nigeria-creative-industry-employer

Nigerian creative sector steps out for UNDP create to develop connect in Lagos

Jan 25, 2020 – Nigeria is a notable contributor to Africa’s arts, culture and entertainment scenes, and its entertainment and music industry that emerged in the early 90s is the fastest growing in the world, competing closely with America and India for the global market share. The Nigeria film industry (Nollywood), employs more than 1 million people – making it the second largest employer after agriculture. In 2016 the Nigeria film industry contributed 2.3% (NGN239billion) to Nigeria’s Gross Domestic Product (GDP), and is considered a priority sector in the Economic Recovery and Growth Plan of the Federal Government with expected export revenue of $1billion by 2020.

Expounding on role of creatives in social reforms and behavioral change, Mohamed Yahya, the UNDP Resident Representative to Nigeria noted that, Nigeria’s creative sector has over the years played a critical role in influencing the growth of Africa’s arts and culture. With 10 years left to achieving the development goals, the start of the Decade of Action for the Sustainable Development Goals, is timely for UNDP to listen and learn from creatives on how they can use their influence to support the country’s development progress; and shift perceptions of Nigeria among Nigerians and the rest of the world.
> ng.undp.org/nigerian-creative-sector-players

Economy

Nigeria is Sub Saharan Africa’s largest economy and relies heavily on oil as its main source of foreign exchange earnings and government revenues. Following the 2008-09 global financial crises, the banking sector was effectively recapitalized and regulation enhanced. Since then, Nigeria’s economic growth has been driven by growth in agriculture, telecommunications, and services. Economic diversification and strong growth have not translated into a significant decline in poverty levels; over 62% of Nigeria’s over 180 million people still live in extreme poverty.

Despite its strong fundamentals, oil-rich Nigeria has been hobbled by inadequate power supply, lack of infrastructure, delays in the passage of legislative reforms, an inefficient property registration system, restrictive trade policies, an inconsistent regulatory environment, a slow and ineffective judicial system, unreliable dispute resolution mechanisms, insecurity, and pervasive corruption. Regulatory constraints and security risks have limited new investment in oil and natural gas, and Nigeria’s oil production had been contracting every year since 2012 until a slight rebound in 2017.

President BUHARI, elected in March 2015, has established a cabinet of economic ministers that includes several technocrats, and he has announced plans to increase transparency, diversify the economy away from oil, and improve fiscal management, but has taken a primarily protectionist approach that favors domestic producers at the expense of consumers. President BUHARI ran on an anti-corruption platform, and has made some headway in alleviating corruption, such as implementation of a Treasury Single Account that allows the government to better manage its resources and a more transparent government payroll and personnel system that eliminated duplicate and “ghost workers.” The government also is working to develop stronger public-private partnerships for roads, agriculture, and power.

Nigeria entered recession in 2016 as a result of lower oil prices and production, exacerbated by militant attacks on oil and gas infrastructure in the Niger Delta region, coupled with detrimental economic policies, including foreign exchange restrictions. GDP growth turned positive in 2017 as oil prices recovered and output stabilized.