“In 2014, we made $23m from music alone and about $53m in 2019 and we are looking forward to making $83m in 2025.”
Minister of Information and Culture, Lai Mohammed, has pledged to turn around the Nigerian Television Authority to enable it compete with the likes of Cable News Network if the $500m loan the ministry requested is approved. He stated this when he appeared before Senate Committee on Local and Foreign Loans to defend the $500m loan the ministry applied for from President Muhammadu Buhari’s $29.96b loan for funding critical infrastructure in the country.
He said the creative industry employs no fewer than one million young persons directly and indirectly, noting, “If this project is approved, there will be more visibility for our people in the music, fashion and film industries. He said the project for which the ministry planned to borrow the $500m was about employment and revenue generation, saying the industry contributes 1.492 to the nation’s Gross Domestic Product .
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