LAGOS, Nigeria; 15th September 2018
The music industry in Nigeria is one of the biggest drivers of foreign exchange in the country and the Nigerian government urgently needs to create an enabling environment for the industry and its practitioners to thrive.
This suggestion was raised by CEO/Chief Creative Officer, X3M Media Group, Steve Babaeko when he spoke to participants of the International Executive MBA week of Lagos Business School (LBS) at a dinner event in Villa Medici, Victoria Island, Lagos.
Babaeko who spoke on the theme “Opportunities and challenges in the entertainment business in Nigeria” said although the Nigerian music industry is worth $173 million, there is need to scale through private sector investment. He said, “I am here to preach the gospel because I am an investor in the industry. We are not asking the Nigerian government for money, we are simply demanding an enabling environment. Once that is in place, we can scale and take over with money invested by the private sector”.
While responding to questions from the participants, Babaeko also mentioned that with artistes like Wizkid, Davido and Tiwa Savage who have successfully sold Nigerian music on the global stage, music has become the number one Public Relations tool that Nigeria has.
LBS MBA Director, Dr Uchenna Uzo who also spoke on the subject said, “Nigeria has great potential in its creative industry and this dinner seeks to expose our international participants to what it takes to invest in the industry, and to export our creativity and productivity to other parts of Africa and the world.”
The dinner was attended by students from top business schools in South Africa, Kenya, Zimbabwe and the Democratic Republic of Congo. LBS’ International EMBA week is an immersive week designed to help participants understand the unique aspects of innovation and entrepreneurship in Nigeria.