Creative industry to lift Nigeria’s GDP by N5trn – Report

Creative industry to lift Nigeria’s GDP by N5trn – Report


 

 

Jobberman, a leading online career portal in Nigeria, in partnership with Mastercard Foundation, has released a 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 2.7 million jobs by 2025. Additionally, it is set to contribute N5 trillion to the country’s GDP.

The report said after agriculture, the creative sector was the second largest employer of labour in Nigeria. The sector currently employs 4.2 million people, it said.

Publishing contributes an estimate of N29.8 billion to the nation. Motion picture, sound recording and music contributes N1.2 trillion; broadcasting contributes N1.7 trillion; arts, entertainment and recreation, N239.4 billion while textile contributes a total of N1.41 trillion.

Based on its analysis, the report stated that by 2030, Nigeria’s population was projected to reach 236 million and 402 million people by 2050 making it the third most populated nation in the world.

The Nigerian Bureau of Statistics (NBS) had reported that the country’s unemployment rate had risen to 33.3 per cent.

The Federal Government announced that the country had slipped into a recession and in March 2021, the NBS released labour force data for Q4 2020 indicating that unemployment had risen to 33.3 per cent.

According to PwC, the the creative industry generated total revenue of $4.8 billion in 2015 and it was expected to hit $8.1 billion by 2019.

The estimates suggest that Nigeria will be the world’s fastest-growing media and entertainment market by 2021 with a market worth of $10.5 billion by 2023.