Browsing: Gross Domestic Product

The fact that the global economy is spiraling out of control with inflation, stagflation, recession and depression staring hitherto vibrant countries in the face does not matter. The United Kingdom battles worst inflation figures in 40 years. The United States of America is not faring better, with an all time high in 41 years. Turkey and South Korea, 24-year high. Russia, 20-year high. Israel, 11 years, South Africa, 13 years, Ghana, Nigeria, Rwanda, Botswana, facing 19, 17, 14, and 14, years inflation spike, respectively.

These challenges undoubtedly handicap the young talents from realising their potentials which invariably translate to debarring them from making meaningful contributions to the country’s Gross Domestic Product as it had been said that the entertainment sector contributed 2.3 per cent (N239 billion) to Nigeria’s GDP in 2016 and has been one of the priority sectors identified in the Economic Recovery and Growth plan of the Federal Government of Nigeria with a planned $1 billion in export revenue by 2020.