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Nigeria’s music industry to hit $73m by 2021 — Minister

Aisha Abubakar,

The Nigerian music industry is set to grow by a Compound Annual Growth Rate (CAGR) of 13.4 per cent by 2021, estimated at about $73 million; the Minister of State for Industry, Trade and Investment, Hajiya Aisha Abubakar, has said.

Hajiya Aisha said this at the inaugural edition of Creative Business Cup (CBC) in Nigeria themed: “Cashing in on Your Creativity”, which held in Lagos.

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The minister who was represented by a director in the ministry, Dr. Adewale Bakare, stated that the music industry had untapped potentials despite the enabling environment available for it to thrive.

“Nigeria’s music industry grew by nine per cent in 2016 to reach a value of $39m and is set to grow by 13.4 per cent CAGR by 2021with an estimated worth of about $73m. The lucrativeness of the industry, as well as the enabling environment it provides for all genres to thrive is noteworthy. It is, however, surprising that the industry is not maximising its potential for growth. Uncontrolled leakage exists, backed by untapped potentials that undermine the healthy development of the industry,” she lamented.

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She, therefore, assured that the Federal Government would support the industry to enable it provide wealth, create jobs, as well as contribute to the nation’s GDP.

“Government is committed and determined to provide more support to the industry towards building on the foundation already laid for sustained long-term growth. We will continue to work closely with all stakeholders to give the creative industry the attention it requires for improved contribution to GDP, wealth and job creation,” she stressed.

The organiser of CBC in Nigeria, Mr. Olawale Anifowose, said CBC was a world championship for entrepreneurs in the creative industry, which according to him, was brought to Nigeria in order to give talented and creative minds the platform to show their talents.

Mr. Anifowose added that CBC empowered entrepreneurs in the creative industry, connected them to investors and global markets, as well as strengthened their innovative capabilities to the benefit of industry and society.

“This first edition of CBC in Nigeria was carried out by the Creative Business Network, Denmark, in collaboration with Global Entrepreneurship Network, Nigeria (GENN), a public private initiative by the Ministry of Trade, Industry and Investment, Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), and the Enterprise Development Centre of the Pan-Atlantic University.

“For this year’s edition, about 1,000 applied, but the winner will emerge at the end, while national winners from around the world will compete against one another at the Creative Business Cup in Copenhagen, Denmark, in June, 2019,” he said.

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