Some frontline operators in the Nigerian entertainment industry have passed a vote of confidence on the Nigerian Capital Market as a platform that provides an array of investment opportunities for individuals, corporate entities and government at all tiers.
The Chairman of Silverbird Group, Ben Murray-Bruce; top comedian, Ali Baba; and others highlighted hidden values of the entertainment industry in relation to the Capital Market’s contribution to the nation’s Gross Domestic Product.
Speaking in Lagos at the 18th stockbrokers’ conference, with the theme: “The Capital Market: The Key Catalyst to the Development of the Entertainment Industry in Nigeria,” the operators in the entertainment industry collectively commended the Nigerian capital market for providing an opportunity to access medium and long term fund.
They also agreed that there is the need for improved funding to guarantee better quality of film production and music for global competitiveness.
Ali Baba, the ace entertainer, explained that for a long time, many Nigerians did not appreciate the economic values of entertainers as they perceive the operators in the industry as mere jesters without financial muscle.
According to him, it was much later that people realized that many blue chip companies were patronizing the entertainers, indicating that they (entertainers) have a lot to offer.
Commenting on the relationship between the capital market and the entertainment industry, the President of the Chartered Institute of Stockbrokers, Albert Okumagba, expressed confidence that the capital market in Nigeria has strong capacity to fund the entertainment sector.
Okumagba said: “We are going to have a larger market with the inclusion of the entertainment sector because the industry has linkages to other places of value changes.
“The industry has the strength and capacity to contribute meaningfully to our Gross domestic product.
“It will also help to enhance the capital market.”
According to Murray-Bruce, the entertainment industry in Nigeria developed on its own despite unsupportive government policy, but the success of the Nigerian content in the creative and entertainment industry is felt across the globe.
Murray-Bruce advocated inclusion of entertainment industry in order to expand the investment opportunities in the market.