Mr. Bayo Adeyinka, Nigeria, has just analyzed the New discovery Oil in Nigeria. Mr. Bayo took to his twitter handle to analyzed how the New Oil in Nigeria has contribute positively to Nigeria growth home and abroad.
In his statement, Mr. Bayo said the creative and entertainment industry in Nigeria is forging ahead irrespective of the challenges on the landscape and Nollywood and our (Nigeria) music have put Nigeria on the global stage more than our (Nigeria) natural resources. He said.
Read full statement below
The New Oil
My wife told me a few hours ago that Ebony Life TV was leaving the DSTV platform. I quickly flipped the channel to Ebony Life and saw they had about an hour to the channel termination.
They were showing some cool oldies that took me down memory lane- Silent Morning, Lisa Lisa, Cool it down, Bonnie M and others. Initially I was sad learning that channel was going off but when I searched online and read that it was going to be streamed via an app and migrating to on-demand TV, I was glad.
We watched the channel until it went off. I told my wife what Mo Abudu has done was simply inspirational. I’m not a DSTV buff as I only watch football matches, news and Politics Today on Channels I’m a recent convert to Netflix but I find it difficult concluding How To Get Away With Murder and Designated Survivor- but I follow how Jason’s Iroko and Mo’s Ebony have enriched that space content-wise.
I saw the edifice she put up on Ahmadu Bello Way and that’s no mean feat. We also have Linda Ikeji’s TV and Funke Akindele’s Scene One TV and it is certain others will join with Mo Abudu’s move. The creative and entertainment industry is forging ahead irrespective of the challenges on the landscape. Nollywood and our music have put Nigeria on the global stage more than our natural resources.
A few years ago when I visited Kigali, I was so delighted to hear Davido’s music all over the city. With our music and home videos, we have taken over Africa and beyond.
Wizkid, Davido and others are packing concert halls full outside Nigeria. Some Nollywood actors are more recognizable than the Senate President (no insult intended). Netflix has recognized the critical importance of the Nollywood angle and introduced its Nigerian subsidiary Netflix Naija.
It’s time a more intentional structure is woven around the entertainment industry. That industry is ripe for a Minister (I’m wary of just creating offices though due to Factor Nigeriana so it doesn’t become another NDDC) but more needs to be done.
Imagine what film villages that are well equipped and located in Osogbo, Enugu and Kano can do in reducing the unemployment rate- from the development stage to pre and post production, international sales and licensing to distribution and exhibition till it gets to the consumer.
We haven’t even scratched the surface by maximizing the different distribution windows- PayTV, Cinema, Free TV, Video On Demand and online downloads. In the music space, we have limited achievements because the value chain is not fully explored. I recall during an Instagram Live chat I had with the Christian Contemporary Music artiste Okey Sokay, I dimensioned how so much value remains untapped while we are stuck with just music studios and production labels.
Music is beyond that. We have the composers and lyricists, performers, managers, producers, mastering studios, distributors, retailers, digital aggregators, video streaming services, podcasts, ringtones, jingles, background music service providers, booking agencies, ticketing, event promoters, concert listing, music blogs, dancers and choreographers and others.
An artiste like Tope Alabi became known when she started producing background music for Yoruba movies. Imagine how many people are hired just to hold House on The Rock’s Experience Concerts. Now, imagine the value chain of that single concert- the equipment manufacturers, the lighting, videography, live streaming, food vendors, drink sellers, security men, event planning, rentals, hotel and hospitality, etc.
Visit Eko Hotel anytime there is a concert and observe the spin-offs. If we replicate that around the country, that’s an example of how to grow a local economy. If we focus on our creative industry with government providing an enabling environment and deliberately pushing the industry, we will have a resurgent Nigeria in less than 10 years.
Our creative industry is the new oil.
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