Nigeria’s entertainment industry has the ability to significantly improve the country’s economic situation given its influence on the world’s perception of the nation and its enormous capacity to provide significant advantages.
In light of this, The Business Year (TBY), a top global media company that specializes in economic resources and business intelligence across emerging markets, has announced that its upcoming edition on the economy of Nigeria, The Business Year: Nigeria 2019, which marks the country’s fifth anniversary, will devote an entire chapter to the entertainment industry.
TBY acknowledges that one of the nation’s primary soft power strategies nowadays is entertainment. Soft power refers to a nation’s ability to affect international relations through its impact on the economy, culture, and media in order to draw favourable attention.
The Business Year: Nigeria’s Silvia Lambiase, the country editor, said: “Given how frequently bad news headlines about Nigeria appear, we believe the country’s international reputation does not always accurately reflect the complete truth. We want to share the unreported side of every story since there are always two sides to everything. Nigeria’s largest metropolis, Lagos, is gaining international clout for its dynamism, colourful way of life, and concentration of exceptional cultural talent. “From Johannesburg to London, people are growing more interest in the Nigerian sound, which means they are eager to offer a firsthand perspective on the current dynamics of the industry.
Nollywood is currently the second-largest movie business in the world by volume after Bollywood and contributes 5% to Nigeria’s GDP. It is worth over USD5 billion and makes more films than Hollywood. Additionally, it is the second-largest employer in the nation, demonstrating its enormous socioeconomic influence. Nigerians have been able to export their “Nigerianness”—their culture, way of life, and accent—to viewers throughout the world through Nollywood films.
Nigeria’s music industry, on the other hand, hasn’t quite reached Nollywood’s heights, but in less than ten years it has also emerged as a remarkable global phenomenon. In London, the centre of the second-largest music market in the world, the emergence of what is often referred to as UK afrobeats or Afro Bashment—a mashup of hip hop and African sounds largely inspired by Nigeria—has completely transformed the music scene there. By beginning significant collaborations with Nigerian musicians like Wizkid, arguably the continent’s most famous singer, as well as other artists like Mr Eazi and Maleek Berry, major British artists with Nigerian or West African roots—some more established than others, like Skepta, others more recently-emerging than J-Hus and Not3s—have contributed to further exposing the Nigerian sound to the world. Also in 2018, a significant new collaboration between Lily Allen, a well-known pop artist internationally, and Nigeria’s Burnaboy.