{"id":87495,"date":"2023-05-05T07:58:14","date_gmt":"2023-05-05T06:58:14","guid":{"rendered":"https:\/\/www.africa-press.net\/nigeria\/uncategorized\/how-incoming-government-can-harness-15b-potential-in-nigerias-entertainment-industry-husseini"},"modified":"2023-05-05T10:38:54","modified_gmt":"2023-05-05T09:38:54","slug":"how-incoming-government-can-harness-15b-potential-in-nigerias-entertainment-industry-husseini","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/nigeria\/economy\/how-incoming-government-can-harness-15b-potential-in-nigerias-entertainment-industry-husseini","title":{"rendered":"How incoming government can harness $15b potential in Nigeria\u2019s entertainment industry \u2013 Husseini"},"content":{"rendered":"<p><span style=\"color: #ff6600\"><strong>Africa-Press &#8211; Nigeria. <\/strong><\/span>As the incoming administration of Bola Ahmed Tinubu prepares to take over power on May 29, stakeholders in the entertainment industry have suggested how the new government could harness the $15 billion potential in the sector to expand wealth creation.<\/p>\n<p>A recent statistics released by the leading consulting firm in the world, PWC, revealed that the nation\u2019s entertainment sector will be worth $15b in 2025 if properly harnessed.<\/p>\n<p>The PWC further projected that Nigeria\u2019s Entertainment and Media, E&amp;M, industry\u2019s revenue will rise from $7.68 billion in 2021 to $14.82 billion in 2025.<\/p>\n<p>Actors in the sector, in a chat with DAILY POST, itemized the measures that could be taken by the new government at the federal level to encourage more investors and ensure the industry, which has been tagged as one of the most thriving sectors in Nigeria, performs optimally for economic growth and development.<\/p>\n<p>In order for the Federal Government to harvest the full potential of the entertainment industry, some of the measures itemized are the creation of an enabling environment, being deliberate about the development of local infrastructure, addressing the funding gaps, and provision of creative industry bills.<\/p>\n<p>A popular communication scholar, critic and AMAA jurist, Dr Shaibu Husseini told DAILY POST that there\u2019s a need for the incoming government to address the funding gaps in the industry.<\/p>\n<p>He said, \u201cPeople don\u2019t get funds to build infrastructure. They don\u2019t have funds to develop other industry value chains. And I think that we are getting to a point in the life of the creative industry where we may need to borrow a leaf from the financial models of countries like South Africa, India, China and South Korea.<\/p>\n<p>\u201cIn South Africa, there is an annual budget dedicated to the creative industry. And these budgets are used not just for production.<\/p>\n<p>\u201cThey are used to build infrastructure, to develop and maintain the existing infrastructure. And they have the conditional and unconditional grant, with a number of credit facilities which they even give to foreign production companies who want to come and make production in South Africa and so on.<\/p>\n<p>\u201cSecondly, the government needs to be deliberate about the development of local infrastructure and other creative industry value chains like in distribution, marketing, promotion and in post-production.<\/p>\n<p>\u201cWe find a lot of Nigerians, after shooting, travel abroad to handle post-production, and this is not necessary; so we need to be deliberate in building this infrastructure.<\/p>\n<p>\u201dSome state governments have taken it upon themselves to build production Logue, but it should go beyond that.<\/p>\n<p>\u201cThe government may not necessarily be the one building these structures, but you can create an enabling environment for people, like giving them lands and some tax credit for them to build the infrastructure.<\/p>\n<p>\u201cAnother thing is the creation of tax rebates. They can give tax holidays for companies that are interested in investing in the sector, particularly in distribution, post-production and other industry value chains.<\/p>\n<p>\u201dThe FG needs to have a specialized funding scheme for the industry that is different from the normal buy-and-selling kind of scheme that the banks are offering.\u201d<\/p>\n<p>Husseini urged the incoming Tinubu administration to make relevant enabling laws and policies that would ensure that Nigeria reached the expected heights in the global creative industry.<\/p>\n<p><strong>For More News And Analysis About <a href=\"https:\/\/www.africa-press.net\/nigeria\">Nigeria<\/a> Follow <a href=\"https:\/\/www.africa-press.net\/\">Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Africa-Press &#8211; Nigeria. As the incoming administration of Bola Ahmed Tinubu prepares to take over power on May 29, stakeholders in the entertainment industry have suggested how the new government could harness the $15 billion potential in the sector to expand wealth creation. A recent statistics released by the leading consulting firm in the world, [&hellip;]<\/p>\n","protected":false},"author":84,"featured_media":87494,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24,15],"tags":[1570,2140,10363,254],"class_list":["post-87495","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-nigeria-2","tag-husseini","tag-nigeria"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.1 (Yoast SEO v27.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>How incoming government can harness $15b potential in Nigeria\u2019s entertainment industry \u2013 Husseini - Nigeria<\/title>\n<meta name=\"description\" content=\"As the incoming administration of Bola Ahmed Tinubu prepares to take over power on May 29, stakeholders in the 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