Okonjo-iweala On Ways To Boost Nigerian Music Industry
Former Minister of Finance and Director General of the World Trade Organisation (WTO), Dr. Ngozi Okonjo-Iweala has advised on ways to boost the Nigerian music industry. She spoke recently at the Nigeria Governors Forum orientation event held at the State House, Abuja, stating that entertainment is Nigeria’s foremost cultural export, which has helped it to gain international soft power.
She also noted that it is a big contributor to nations’ economic growth, using the state of California in the United States, as an example of how huge the economy built largely on services and entertainment has been. She said, ‘‘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 Afrexim- bank 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 limited the growth of entertainment in Nigeria and the entrance of streaming services will help checkmate the scourge. “But streaming offers new and growing possibilities for reach, affordability, and revenue generation,” she explained. For the music industry, the entrance of DSPs such as Apple Music, Spotify, Audiomack, and Boomplay has created a legal and profitable means for music consumption. Some music streaming services offer advert supported streaming which listeners can enjoy for free.
According to Okonjo-Iweala, there is a lot of potential in Nigeria entertainment industry that can be explored alongside her rich culture and history.