The Lagos Chamber of Commerce and Industry (LCCI) recently held its 2nd annual Creative and Entertainment Symposium and Easter Festival Parade in Lagos, where President Gabriel Idahosa urged government and stakeholders to prioritize long-term financing for Nigeria’s creative and entertainment industry. The event focused on the theme, ‘Celebrating and Embracing Positive Impact: Consolidating the Creative, Entertainment, and Cultural Ecosystem Against a Challenging Socio-Economic Environment.’

Key Takeaways

• Call for Investment: Idahosa emphasized the need for intentional investment in the creative sector through low-interest loans, grants, and venture capital.
• Economic Contribution: The creative sector contributes approximately 2.3% to Nigeria’s GDP, providing over 4.2 million jobs.
• Challenges Identified: Key issues include lack of funding, intellectual property theft, and inadequate infrastructure.
• Piracy Impact: Piracy costs Africa an estimated $5 billion annually, necessitating stronger copyright enforcement.
• Youth Empowerment: With 70% of Nigeria’s population under 30, the youth are seen as a vital resource for economic growth.

The Need for Long-Term Financing

During the symposium, Idahosa highlighted the structural challenges facing the creative ecosystem in Nigeria, including:

• Access to Funding: Many creatives struggle to secure financial support for their projects.
• Intellectual Property Theft: The lack of robust protections leads to significant losses.
• Weak Infrastructure: Insufficient facilities hinder the growth of the industry.
• Regulatory Bottlenecks: Complex regulations can stifle creativity and innovation.

To address these issues, Idahosa called for a collaborative effort from both government and private stakeholders to create financing models that support the industry’s growth.

The Creative Sector’s Economic Impact

Idahosa pointed out that the creative and entertainment industries are not just surviving but thriving, contributing significantly to the economy:

• Nollywood: The Nigerian film industry is the second-largest globally by output, producing nearly 2,500 films annually and generating over $1 billion in revenue.
• Music Industry: With global stars like Burna Boy and Wizkid, Nigeria’s music sector is projected to exceed $44 million in streaming revenue by 2025.

Addressing Piracy and Intellectual Property

The LCCI president stressed the importance of treating intellectual property with the seriousness it deserves, likening it to the oil of the 21st century. He proposed:

• Robust Copyright Enforcement: Implementing stronger laws to protect creators.
• Blockchain Tracking: Utilizing technology to monitor and protect creative works.
• Regional Cooperation: Collaborating with ECOWAS and AfCFTA to enhance the protection of creative assets.

Empowering the Youth

Ngozi Omambala, chairperson of the Creative and Entertainment group at LCCI, emphasized the potential of Nigeria’s youth population, which constitutes a significant portion of the demographic landscape. She noted:

• Youth as Economic Assets: With 70% of Nigeria’s 230 million people under 30, the youth represent a crucial resource for economic development.
• Future Initiatives: The upcoming Lagos International Trade Fair will feature the International Artistic Pulse Festival, showcasing music, film, fashion, and technology.

Conclusion

The LCCI symposium served as a pivotal moment for the creative sector, aiming to build a robust and vibrant ecosystem despite the socio-economic challenges. With a focus on investment, youth empowerment, and stronger protections for intellectual property, the future of Nigeria’s creative industries looks promising, provided that stakeholders heed the call for support and collaboration.

Sources

• LCCI urges government, stakeholders to support creative, entertainment industry, Business News Nigeria.