In 2016, arts and entertainment contributed N54b to Nigeria’s GDP

This has come despite the entire economy shrinking by 2.24% since 2015

According to the Nigerian Gross Domestic Product Report released by the National Bureau of Statistics, the arts and entertainment industry experienced a growth of 1.86% to 12.81% in the third quarter of the year, contributing N54b to the country’s GDP.

The report is done quarterly to provide information about the current economic status of the country.

The entire economy has shrunk by 2.24% since 2015 and receded by 0.18% from the previous quarter.

The arts and entertainment industry too experienced a recession as the growth seen in this quarter is 3.45% less than it was at this time last year.
One would imagine this decline in the entertainment industry to be as a result, of course, of the general economic conditions.

For entertainers, it has meant less shows and concerts in the early part of the year; as well as loss of juicy brand endorsement deals for several artistes.

However, going by the figures provided by the report, the tide seems to be turning for the better.

For full report, Click: here.