Lai Mohammed, minister of information, has urged business owners and leaders across the globe to invest in Nigeria’s entertainment sector.
Describing the sector as Nigeria’s new oil, Lai said the Nigeria TV market has about 100 million subscribers.
He said this on Thursday at the Nigeria international partnership forum in France.
Lai noted the country also has the continent’s largest TV market with high growth potential.
“Moving from analogue to digital television broadcasting means we will have more channels and more content.
“The Nigeria TV market has about 100 million subscribers in the rural areas and also about 98 million in the urban settlement, while the annual TV subscription revenue is about 80 million US dollars.
“The advert spent as of 2020 is about 490 million USD and as digital transformation is ongoing, we are looking at 1.47 billion advert revenue.”
“This is what exactly we want to change with DSO because, only about two or three companies in Nigeria today are involved in subscription while we have hundreds of TV stations, producers, writers and directors,” Lai said.
“We want to revise it to ensure that about 70 per cent of our revenue will come from content producers Directors and content owners while subscription will take about 30 per cent.”
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