Entertainment sector holds prospects for 1bn gdp growth by 2020 fg

A very interesting topic!

The Nigerian entertainment sector has indeed been identified as a potential driver of economic growth, with the Federal Government projecting a growth of 1 billion USD (approximately 360 billion Naira) in GDP by 2020.

The entertainment sector, which includes music, film, television, and other related industries, has been growing rapidly in recent years, driven by increasing demand for entertainment content and the rise of digital platforms. The sector has also been recognized as a key contributor to Nigeria's cultural heritage and identity.

The Federal Government's projection is based on the sector's potential to create jobs, stimulate innovation, and attract foreign investment. The government has also identified the need to develop the sector's infrastructure, including film studios, music recording facilities, and other related infrastructure, to support its growth.

Some of the key areas that the government is focusing on to achieve this growth include:

1. Film production: The government is promoting the production of Nigerian films, both locally and internationally, to increase the sector's revenue and create jobs.
2. Music industry: The government is supporting the growth of the music industry through initiatives such as the "Not Just Ok" campaign, which aims to promote Nigerian music globally.
3. Television and broadcasting: The government is promoting the growth of television and broadcasting in Nigeria, including the development of local content and the establishment of new television stations.
4. Digital entertainment: The government is promoting the growth of digital entertainment in Nigeria, including online gaming, e-sports, and other related industries.

To achieve this growth, the government has also identified the need to address some of the sector's challenges, including:

1. Piracy: The government is working to address the issue of piracy in the entertainment sector, which has been a major challenge for the industry.
2. Infrastructure: The government is working to develop the sector's infrastructure, including film studios, music recording facilities, and other related infrastructure.
3. Funding: The government is working to provide funding for the sector, including through initiatives such as the "Creative Industry Financing Initiative", which aims to provide financing for creative entrepreneurs and small businesses.

Overall, the Nigerian entertainment sector has the potential to make a significant contribution to the country's GDP growth by 2020, and the government's initiatives are aimed at supporting the sector's growth and development.