Slow growth in Nigeria’s entertainment industry

Entertainment of Friday, 2 September 2016

Source: thecable.ng

2016-09-02

Nigerian Entertainment Industry Slow GrowthSome stakeholders of the Nigerian entertainment industry

Nigeria’s entertainment industry recorded slow growth in the second quarter of 2016, a ripple effect of the bad shape of the country’s economy.

TheCable Lifestyle obtained this information from a report released by the National Bureau of Statistics on Wednesday.

The NBS report confirmed that the Nigerian economy was officially in recession as it declined by -2.06 percent (year-on-year basis) while the information and communication sector growth slowed by 6.66 percent.

“The Information and Communication sector is composed of four activities: telecommunications and information services; publishing; motion picture, sound recording and music production; and broadcasting.

“In nominal terms, the sector slowed by 6.66 percent (year-on-year) in the second quarter of 2016, which was 15.35 percent points lower than that recorded in the preceding quarter.”

According to the report, broadcasting had the highest growth rate while telecommunications and information experienced lower active subscribers which resulted in slow growth.

“Broadcasting was the activity to exhibit the highest nominal growth rate in the period of review, at 18.32 percent. The growth of the telecommunications and information services eased as a result of lower active subscribers.”

There were no figures to show the decline or growth of the Nigerian entertainment industry due to the absence of growth indicators.

“The sector (information and communications) contributed 12.68 percent in the second quarter of 2016, lower than in the same quarter of the previous year, and the preceding quarter, in which it represented 12.25 percent and 11.98 percent of the totals respectively.”

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