In recognition of the strategic importance of the entertainment and creative sector in growing the Nigerian economy, the Buhari administration has in the past few years introduced several initiatives to harness the abundant potential in the country, according to Vice President Yemi Osinbajo (SAN).
Professor Osinbajo stated this over the weekend in a message delivered at the opening of the Ogidi Studios, a Lagos based world class creative complex hosting recording film production, animation and writing studios owned by the Temple Company.
The Vice President stated that last year the federal government awarded the control of the National Theatre to the Central Bank of Nigeria (CBN) and Bankers Committee. The Bankers committee has committed an investment of N25 billion as initial funding for the development of the Nigerian creative centre at the National theatre Lagos. The centre will receive support from CBN’s creative industry funds initiative that gives financial support to the technical and creative sector at single digit interest rate.
The Bank of Industry in collaboration with the National Council for Arts and Culture also has a N300 million loan package for the creative sector, the package provides the funds to the sector at single digit interest rate with tenure of four to five years.
Speaking about the gains of consistent and deliberate effort by the Buhari Administration over the years, the vice president noted that the sector and the country are now better positioned to benefit from the entire value chain.
He said: “But perhaps more importantly with the Ogidi Studios, Nigeria now operates on the same level of sound and video technology with the major global players now the stars, not just the Nigerian stars, but from all over the world have a place in Lagos that is as good as any studio they have ever recorded in.
World class script writing, music recording, video making and editing can take place under one roof at the Ogidi Studios. The entire value chain in music and entertainment can now be local, so we are at the cusp of a revolution in entertainment, production, creative talent and services and a major economic opening for business in Nigeria.
Continuing, Prof. Osinbajo explained that the world knows that the smart money is already going after the trail. Last year, Netflix opened its first African office here in Lagos and is investing millions of dollars to buy and generate authentic African content in its platform.
“A couple of years earlier, the universal music group established itself firmly and there are many others waiting to make their bid for a bit of the action.” Assuring that with the quality of investments, the future is promising for the sector. He said with the private sector putting its best foot forward in the entertainment industry, the future is certainly looking very bright for the industry and we are all looking forward to the greater investments.
While commending the owners of the Ogidi Studios, for raising the stakes in entertainment industry, Osinbajo said local creative talents can now fulfil their dreams as world class script writing, music recording, video making and editing can take place under one roof at the Ogidi Studios.
Referencing the stories of Burna Boy and Wizkid, who took the entertainment industry by storm and winning the Grammy awards, Prof Osinbajo noted that the environment had been prepared for Nigeria to produce more creative talent across the value chain in the industry.
He said on the 14th of March 2021, the duo of Burna Boy and Wizkid established themselves as amongst the best musicians in the world, following their victory in the Grammys held in Los Angeles, USA.