Lai Mohammed, minister of information, has asked global
business leaders to invest in Nigeria’s “new oil”.
Speaking on Thursday at the Nigeria international
partnership forum in France, the minister described the nation’s entertainment
sector as the country’s new oil with 24 million television households and the
largest in Africa.
Lai also described Nigeria as Africa’s music and
entertainment capital, saying the country also have the continent’s largest TV
market with high growth potential.
He stated that with the ongoing Digital Switch Over (DSO),
there is potential for investment in the manufacturing of set-top boxes,
content provision and requisite technology.
“Moving from analogue to digital television broadcasting
means we will have more channels and more contents,” Lai said.
“The Nigeria TV market has about 100 million subscribers in
the rural areas and also about 98 million in the urban settlement, while the
annual TV subscription revenue is about 80 million US dollars.
“The advert spent as of 2020 is about 490 million USD and as
digital transformation is ongoing we are looking at 1.47 billion advert
revenue.”
The minister added that Nigeria has Africa’s largest
internet and social media economy with 107 million active internet users and 33
million active social media users.
He said Nigeria is projected to be the fastest growing media
and entertainment market in the next five years with 12.1 compound annual
growth rate.
“This is what exactly we want to change with DSO because,
only about two or three companies in Nigeria today are involved in subscription
while we have hundreds of TV stations, producers writers and directors,” Lai
said.
“We want to revise it to ensure that about 70 per cent of
our revenue will come from content producers Directors and content owners while
subscription will take about 30 per cent.
The minister further described Nollywood and Nigeria’s music
industry as the pride of the continent.
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