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Nigeria: Media and Entertainment to hit $15bn by 2025

By Temitayo Lawal

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Posted on October 1, 2021 07:11

2018 BET Awards – Show
Davido accepts the best international act award at the BET Awards at the Microsoft Theater on Sunday, June 24, 2018, in Los Angeles. (Photo by Richard Shotwell/Invision/AP)

Jason Njoku and Mo Abudu have blazed a trail for Netflix and Spotify to follow. If Nigeria’s media and entertainment industry continues on its growth path, its revenue could nearly double between now and 2025 to near $15bn.

A report from consultants at PwC forecasts that the fast-growing industry will earn $14.8bn in 2025, up from its current revenue of $7.7bn, riding on an 85% growth of its internet access segment.

As Covid-19 cases steadily rose in Nigeria and the government enforced a nationwide lockdown, the economy shrank by 1.8%, plunging the country into its second recession in five years. The music industry was not spared. Nightclubs and bars were closed, while festivals and music concerts got cancelled; but the internet came to the rescue.

For example, Nigerian musical superstar Wizkid banked on internet firepower to release his much anticipated Made in Lagos album, which has gone on to become a smash hit. It has spent over 40 weeks on the Billboard World Albums Chart, peaking at number one globally.

Davido, another blockbuster Nigerian musician, has set his sights on breaking through in the US,

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