The creative industry is one of the fastest-growing sectors in Nigeria. Today, the Nigerian film industry is rated second place globally in the number of videos produced yearly. It provides more jobs in the country than any private sector employer except agriculture.
The entertainment and media market is dominated by internet access revenue, estimated to reach $10.8 billion by 2023. Nigeria is one of the world’s fastest-growing internet advertising markets.
The cinema industry is projected to experience an increase in box office revenue, reaching US$18.3 million in 2023 from US$12 million in 2018, equating to 50% growth over the period.
The interplay of creativity and technology presents an opportunity for massive job creation, revenue growth and export earnings when all the potentials are appropriately harnessed.
The youth population, in particular, would benefit from opportunities presented by a well-oiled Nigerian Creative Industry, given that the United Nations estimates that 62% of the country’s population is under 25.
BOI’s funding ensures they can generate higher income, secure better partnerships and tax incentives, create more impact, and reach a larger audience.
IMPACT
BOI has consistently provided financial and business advisory support for the creative industry through the various subsectors.
