Entertainment Industry Boosts Nigerian Economy With N3.2trn
The federal government’s Post COVID-19 Initiative Committee on the Creative Industry has reported that the fashion, hospitality and tourism industry contributed over N3.2 trillion to the national economy.
The minister of Information and Culture, Alhaji Lai Mohammed yesterday gave an insight into the report recently submitted to the government by the committee led by ace comedian, Ali Baba.
Mohammed, who was a guest on News Agency of Nigeria (NAN) Forum in Abuja, said that the recommendations by the committee, set up to advise government on how to mitigate the effects of COVID-19 on the creative industry, were revealing.
He disclosed that an implementation committee will be set up on Tuesday next week to determine which of the recommendations will be sent to the Federal Executive Council (FEC) for policy decisions and National Assembly for legislation.
“Before now, we did not know that the fashion industry accounts for almost N2 trillion revenue, that the hospitality and tourism industry accounts for about N1.2 trillion,” Mohammed said.
“The publishing and printing industry accounts for almost N1 trillion and about N720 billion worth of books and paper enter the country annually.
“The film industry accounts for about N140 billion, the music industry revenue is over N300 billion while the comedy industry accounts for about N17 billion,” he said.
The minister said that besides the revenues generated, the report revealed how many people were employed by each sector.
“You will be amazed that though the film industry account for only N140 billion, it employs almost half a million people.
“The broadcast and advertising industry which I think accounts for another N500 billion also employs almost 500,000 people.
“The beauty and hair care industry does not only account for about 30,000 practitioners, also about 15,000 pieces of hair care, beauty care are sold every month in Nigeria. (By Leadership Newspaper)