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

By Ade Lawal
Posted on Friday, 1 October 2021 09:11, updated on Thursday, 14 October 2021 13:58

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.