Nigerian entertainment industry projected to grow to $13.6bn by 2028 – Report

By Providence Ayanfeoluwa

The Rome Business School Nigeria has released a report showing that the Nigerian entertainment industry is not just a creative force, but a “global model for export.”

The report titled “The Entertainment Business in Nigeria: A Model for Export,” paints a vivid picture of how Nigeria’s musicians, filmmakers, digital creators, fashion designers, and comedians have quietly redefined global culture — one beat, one scene, and one trend at a time.

According to the report, the sector — valued at $9 billion in 2023 — is projected to grow to $13.6 billion by 2028, with a growth rate of 8.6 percent annually.

However, over 4.2 million Nigerians already work in the creative economy, and another 2.6 million jobs are expected by 2025.

Speaking about the report, Founder and Dean of Rome Business School, Prof. Anthony Ragusa, said: “What’s happening in Nigeria is extraordinary. The entertainment industry has achieved global influence without waiting for permission — with passion, innovation, and grit. It’s an economy of imagination.

“For decades, we waited for others to define us, now, our culture is doing the talking. This is a form of national power — soft power — and it’s growing faster than oil exports ever did. Let the world take note, Nigeria’s entertainment industry is not just vibrant — it’s visionary. It’s time we treated it that way.”

Also speaking, General Manager, Rome Business School Nigeria, Mr. Olakunle Asunmo, said that the report credits much of the industry’s success to Nigeria’s digital transformation; Streaming platforms, social media, and online collaborations have replaced traditional gatekeepers, giving young talents direct access to global audiences, even as he maintained that the journey has not been easy.

He pointed out that Nollywood, producing over 2,500 films annually, now contributes N154 billion to Nigeria’s GDP, saying that Afrobeats, once a niche genre, has become a global cultural currency — heard in clubs in Berlin, blaring from speakers in Brooklyn, and remixed by global pop icons.

Asunmo stated: “We’re not just exporting songs or movies — we’re exporting pride, identity, and the heartbeat of a generation. What you hear in Afrobeats, what you see in Nollywood, is Nigeria refusing to be ignored.

“Nigeria can export more than oil. We can export stories, culture, joy — we already are. Indeed, the world is watching — and listening. Words like “wahala” and “na who send you?” have found their way into global slang. Jollof rice is on menus in London. Lagos-inspired dance moves are trending on TikTok. It’s cultural diplomacy by rhythm, fashion, and flair.

“This success came despite government neglect, not because of support. Piracy, infrastructure gaps, and limited financing still threaten the future of this industry. We need policies that treat creativity as serious business.”

On his part, Head of Academics at Rome Business School Nigeria, Sam Igwe, said that Nigerian music is no longer local but international, inspiring, and reshaping how the world sees Africa.

Igwe stated: “Just imagine what could be achieved if creators had access to reliable power, tax incentives, or even working broadband. The potential is limitless — if we just clear the path.

“The ripple effect of the industry is vast. From tourism and fashion to food and hospitality, Nigerian entertainment has fueled an ecosystem of entrepreneurs. Hotels fill up during movie premieres. Tailors ride the wave of fashion trends sparked by music videos. Makeup artists, sound engineers, cinematographers, podcasters, and stylists are earning livelihoods — and dreaming bigger.”

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