INVESTMENT

Nigeria: Film, Advertising Sectors Can Generate N500 Billion Yearly - Odey

Information and Communications Minister, John Odey, has said Nigeria's movie and advertising industries have the potential to generate about N500 billion annually. Odey said this at the launch of the Nigerian Chapter of the Creative Africa Initiative, a project of the United Nations Conference on Trade and Development (UNCTAD). He stressed the need to harness the vast economic potential existing in the country's creative industry which, he noted, still remained untapped.

"The multiplier effects of developing the sector include wealth and job creation, crime reduction among the youths, as well as numerous social benefits to adults and the society".

"Besides, Nigeria's primary economic resources, petroleum and natural gas, are exhaustible, but this is not so with the creative industry, as it is driven by human resources which our country, Nigeria, is abundantly blessed with," he said.

Odey said it was noteworthy that global trade in creative products had grown rapidly to become a multi-billiondollar enterprise, adding that "some of the figures that came out of the UNCTAD Creative Economy Report 2008 showed that international trade in creative goods and services doubled to $424.4 billion in 2005, nearly doubling the 1996 figure of $227.4 billion," he said.

This Day (Lagos) 12 November 2008

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