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Nigeria Can Generate $1bn From Entertainment Sector By 2020 – FG

The federal government has said the Nigeria’s entertainment and creative industry can generate at least $1billion for the country by 2020.

In line with the FG’s Economic Recovery and Growth Plan (ERGP), which seeks to wean the country off dependence on oil, it was  reported that the entertainment industry  had contributed 2.3percent, approximately N239billion to Nigeria’s GDP in 2016.

Vice President Yemi Osinbajo speaking at the weekend during the re-launch of the Dome, a first class recreational and entertainment facility in Abuja, noted that the Dome gives credence to government’s position that the non-oil sector is where Nigeria’s future lies.

According to him, gains recorded owing to deliberate policies on ease of doing business in Nigeria, has accounted for favourable rating through the World Bank global index report on doing business.

He said: “Investment like the Dome, Abuja is what Nigeria needs to push for a similar status with Dubai, which despite being an oil producer, makes only 20percent revenue from oil,”

Chairman, the Dome entertainment centre, Obiora Okonkwo noted that with the unemployment index expected to rise above 50percent, including a soaring population figure projected to hit 200million by 2019,venture capitalists like himself have taken it upon themselves to salvage the situation.

Okonkwo, however insisted that the need for tax holidays cannot be underscored, if the private sector must assist government meet its objectives of better welfare for citizenries.

He said: “I use this opportunity to invite government to partner the Dome in its social empowerment programme for youths. The Dome is well positioned to drive the policy and bring about the change we crave.

“Government must assist businesses such as ours to grow through generous tax breaks to enable us stabilise”.

The Dome which now boast of over 300 staff, recently recapitalised its assets to expand it recreational outlets to include bowling alley, twin cafe, the paradisio, the Francis hotel among others.



First Bank


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Culled from :Here

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