The Director General of the World Trade Organisation (WTO) Ngozi Okonjo-Iweala has advised on how to Revolutionalize the Nigerian music industry.
She spoke as special guest at the Governors Forum in the State House, Abuja.
The former Minister of Finance stated the entertainment industry can be enhanced to increase its contributions to the economy.
She cited how California grew its massive economy primarily based on services and entertainment.
According to her: “I was in the Caribbean earlier this year and was delighted to hear people in Saint Lucia listening to Nigerian music.
“Nollywood is one of the world’s fastest-growing creative industries, according to an Afreximbank report, worth $6.4 billion in 2021 and growing at 10% per year”.
According to the world-renowned economist, the rise of streaming services will help put an end to piracy, which has hampered entertainment industry’s expansion.
She said: “But streaming offers new and growing possibilities for reach, affordability, and revenue generation.”
