Ngozi Okonjo-Iweala, the Director-General of the World Trade Organization (WTO), recently shared her valuable insights on improving the music industry. Her remarks were made during her participation as a special guest at the Governors Forum held at the State House in Abuja.
The former Minister of Finance emphasized the potential for enhancing the entertainment industry’s contributions to the economy. Drawing inspiration from California’s remarkable economic growth driven by services and entertainment, she highlighted the opportunity for similar advancements in the music sector.
During her speech, Okonjo-Iweala shared an anecdote from her visit to the Caribbean earlier this year, expressing her delight in witnessing people in Saint Lucia actively engaging with Nigerian music. Additionally, she mentioned that Nollywood, the Nigerian film industry, has become one of the world’s fastest-growing creative sectors. Citing an Afreximbank report, she noted that its value reached $6.4 billion in 2021 and has been expanding at an impressive annual rate of 10%.
Addressing the persistent challenge of piracy, Okonjo-Iweala expressed optimism about the rise of streaming services. She believes that streaming platforms offer new opportunities for broader audience reach, affordability, and revenue generation. By embracing these digital avenues, the music industry can mitigate the detrimental effects of piracy, fostering a healthier and more prosperous environment for artists and stakeholders.
As the world-renowned economist advocates for revitalizing the local music industry, her insights highlight the transformative power of technology and the need to adapt to evolving consumer preferences. Okonjo-Iweala’s recommendations serve as a roadmap for stakeholders to explore innovative strategies and embrace the potential of streaming platforms to nurture a thriving and sustainable music ecosystem.