The most revealing data set coming from the rebasing of Nigeria’s gross domestic product (GDP) is perhaps the changing structure of the Nigerian economy and the new reality it presents to investors, both local and foreign.
Early this week in Lagos, the All African Music Awards (AfriMA) approached Bank of Industry (BoI) for sponsorship and perhaps, collaboration on its forthcoming hosting of all African musical artistes in October, this year.
Although the economy is seen to be driven largely by the services sector, which accounts for 53 percent of the GDP, the entertainment sector now contributes about N1.139 trillion, representing 1.4 percent of the GDP post rebasing.
Against this backdrop Waheed Olagunju, acting managing director/CEO, BoI, has agreed that the BoI was ready to partner AfriMA and ready to help it, after studying its proposal, build structures that will promote the entertainment industry.
“The BoI will pay considerable attention to the creative industry because of its contribution to the nation’s GDP. Even without support, the entertainment industry has contributed 1.4 percent to the GDP. When supported, this will eventually increase and create more jobs for Nigerians,” Olagunju said.
According to him, however, we will study your proposal and see how we can render this support, as the bank is interested in supporting viable proposals, and contents too that will add value to the nation and the economy.
“We know that the right structures are not yet there. If we get it right, we will save a lot of foreign exchange. If financial institutions come to it at the beginning, that is the only way we can influence content to promote values that will enhance the country and economy.
“There is no limit to what we can do for the creative industry. So, there is no specific amount set aside for the support of this project,” the BoI boss said, when asked of the amount the collaboration/support might involve.
Earlier on while briefing the press on the rational behind soliciting the support of the bank, Mike Dada, managing director, PRMAfrica, and head of media for AfriMA’s forthcoming awards, said “AfriMA is a platform to protect, promote and project African artistes. It is sad that, after so much fame most African artistes die poor, and this the platform is set out to address.”
He said that having a corporate sponsor/collaborator like BoI will go a long way to enhancing the platform and giving voice to more African artistes, and at the long run impact the continent’s economy.
Also speaking, Matlon Tsotetsi (a South African), director, brand communications, AfriMA, said the organisation was on the roadshow to get partnership and support from private and public sectors in Nigeria, saying this was imperative because Nigeria had the largest economy in Africa.
“It is the right thing to do to allow Nigeria host the whole of Africa in the next three years. It is all about telling the African story the way it should be told, by the right people,” she said.
OSA VICTOR OBAYAGBONA
