A report by Rome Business School Nigeria has recognised the Nigerian entertainment industry as a ‘global model for export’, valued at $9 billion in 2023 and projected to grow to $13.6 billion by 2028.
The report highlights the industry’s significant contribution to Nigeria’s economy, including Nollywood’s production of over 2,500 films annually and Afrobeats’ global influence. The industry’s success is attributed to Nigeria’s digital transformation, with streaming platforms and social media providing young talents with direct access to global audiences.
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.
Founder and dean of Rome Business School, Prof. Anthony Ragusa said, “what is happening in Nigeria is extraordinary. The entertainment industry has achieved global influence without waiting for permission; with passion, innovation, and grit. It is an economy of imagination.”
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 per cent annually. Over 4.2 million Nigerians already work in the creative economy, and another 2.6 million jobs are expected by 2025.
The general manager of Rome Business School Nigeria, Olakunle Asunmo noted that ‘we are not just exporting songs or movies, we are exporting pride, identity, and the heartbeat of a generation.’
He added that, “Nollywood, producing over 2,500 films annually, now contributes N154 billion to Nigeria’s GDP. Meanwhile, 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, however, noted that, ‘piracy, infrastructure gaps, and limited financing still threaten the future of this industry. We need policies that treat creativity as serious business.’
Head of Academics at Rome Business School Nigeria, Sam Igwe disclosed that, ‘Nigerian music is no longer local, it is international and it is reshaping how the world sees Africa.’
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.
The report noted that “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. The industry’s influence has also extended to gender equality and youth leadership.”
