Investment banking expert and Chairman, Dunn Loren Merrifield Group, Sonnie Ayere has called for extensive government support to the entertainment industry in Nigeria.
Ayere while speaking at Nigerian Entertainment Conference#NECLive4 during the lead panel session on ‘Restructuring the entertainment industry as ‘last hope’ for Africa’s largest economy’, he opined “while we note the growing government support, much more can be done as an estimated 80% of funding in Nigeria’s entertainment industry still comes from personal funding and from groups within the industry.
The role of government cannot be overemphasized by providing adequate support for a structured environment, aiding the business of entertainment to thrive”.
“The remarkable performance of the entertainment industry which is essentially private sector driven can be further explored through strategic partnerships with the government to boost economic growth”.
Sonnie Ayere also highlighted that opportunities within the Nigerian entertainment industry have not been fully harnessed due to the huge fund requirements for its operations. “With a sustainable structure in place, the nation’s capital market could become a source of funding for the industry in the medium term. This supports the need to improve engagement in the creative industry through strategic funding and provision of intervention funds” he added.