Nigeria music revenue to hit $86m in 2021 – Lai Mohammed

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Minister of Information and Culture, Alhaji Lai Mohammed (Sitting first left) and some Ministers participating in the 11th edition of Investment and Business Forum for on Thursday in Madrid, Spain

By Rotimi Ijikanmi

Madrid – The Minister of Information and Culture, Alhaji Lai Mohammed Nigeria revenue is projected to hit 86 dollar (about N3.096 ) in 2021, making the biggest in .

The minister gave the projection on Thursday in Madrid, Spain at the 11th edition of the Investment and Business Forum for (Investour) organised by the United World Organisation (UNWTO) and CASA .

News Agency of Nigeria (NAN) the forum is on the sideline of the ongoing 2020 International Tourism Trade (Fitur), one of the biggest tourism fairs that holds annually in Madrid.

Mohammed was among the panelists at the forum said the nation’s revenue grew about 36 dollar in 2014 (about N1.596 ) to 53 dollar (about N1.908 ) in 2018.

He said a chunk of the figure came digital consumption, an area of the market which significantly boosted the industry in Nigeria and paved the way for local Artists.

He said that Nigeria has a very vibrant and popular music industry which only reflects her cultural richness but has over the years translated into international recognition and acceptance.

The minister also disclosed that fashion and design earnings were put at slightly over N4 trillion of Nigeria’s re-based GDP in 2018.

He noted that tourism is a multifaceted sector consisting of both informal and formal enterprises, with numerous subcategories which include the arts and crafts.

“The activities of the arts and craft industry represent a special category of tourism (SMMEs).

“Although the art and craft sector largely consists of an unskilled workforce and individuals remote and poor areas, contributes to addressing some of the challenges that local communities face.

is also viewed as a cultural activity which represents the essence of the people’s way of life and serves as an integral part of the travel and tourism industry,” he said.

The minister noted that with the impressive figures, the Creative Industry has been viewed as a sector that could help the government reach its goal of diversifying the nation’s economy away from oil.