Apart from preserving the culture and values of the society, the creative industry is adjudged to be a catalyst for the economic transformation of any country.
Hollywood in the United States and Bollywood in India are reference points in the efficacy and capabilities of the creative sector to contribute to Gross Domestic Product (GDP) of any nation.
In Nigeria, however, although the fame of the local movie industry, Nollywood transcends the boundaries, the full potential of the sector is believed to be largely untapped as the industry’s contribution to growth is rather negligible.
But as the federal government intensifies its drive towards economic diversification from oil, critical sectors including the creative industry, have been targeted, especially through the interventions by the Central Bank of Nigeria (CBN) in a conscious effort to reposition the sector.
Neglected and funding-strapped
Earlier in January, a new study by Abuja-based opinion research think-tank, Africa Polling Institute (API), called on the government and private sector players to fund and support the skit economy in view of its potential for economic diversification and poverty alleviation through massive job and wealth opportunities.
The study titled: “Skit Economy: An Assessment of Digital Content Creators in Nigeria”, stated that lending support to skit comedians and to a large extent movie producers as well as the creative industry in general will help to showcase the country’s massive talents and enhance digital creative content in the overall interest of the economy.
The report however, identified poor funding and lack of finance, high cost of production, lack of basic equipment, poor electricity supply among others as key concerns and bottlenecks hindering the growth and development of the comedy skit sector in the country.
Executive Director of API, Prof. Bell Ihua, said: “The study, therefore represents a novel attempt by the institute to understand a seemingly under-researched space, which is contributing significantly to the economic growth of the nation and mental wellbeing of citizens.”
The unemployment challenge
Unemployment continues to pose grave challenges to the economy as data from the National Bureau of Statistics (NBS) said Nigeria’s unemployment rate rose to 33.3 per cent in the fourth quarter of 2020 (Q4 2020) compared to 27.1 per cent in Q2.
Notably, unemployment rate among young people (15 to 34 years) increased to 42.5 per cent from 34.9 per cent, while the rate of underemployment for the same age group declined to 21.0 per cent from 28.2 per cent in Q2.
As a result, analysts have linked the current security challenges directly to the youths’ idleness and this often fuels social unrest.
