A Renaissance in Nigerian Creativity: Why Now is the Time to Invest

BY IDRIS OLORUNNIMBE 

In the melodious waves of Afrobeats, the artistry of our movie producers and the majestic skills of our athletes lies an undeniable truth –Nigeria’s creative industry is a goldmine ripe for investment.

The vibrant pulse of Nigeria’s creative industry is no secret. Yet, there is a palpable sense that we are only scratching the surface. As the world increasingly turns its attention to our shores, Nigeria’s moment to shine brightly on the global stage has come.

President Bola Ahmed Tinubu’s transformative leadership is a cornerstone of this newfound optimism.

Speaking at the 78th UNGA, he aptly highlighted the challenges that Africa, particularly Nigeria, has faced. These challenges spanned both internal governance issues and external influences that have often been exploitative. However, as he stated, Nigeria is not waiting for the world. Instead, it is opening its doors for equitable and mutually
beneficial partnerships. One can witness the president’s commitment to changing the narrative first hand.

His remarks at the G20 in New Delhi, accompanied by securing nearly $14billion pledges from Indian investors, makes one thing clear: Nigeria is open for business. Not just any business, but purposeful investments that create jobs, foster innovation and drive sustainable economic growth. Foreign governments are taking notice of the creative sector in particular.

The recent visits of UK Foreign Secretary Rt. Hon James Cleverly, MP and the US Deputy Secretary of the Treasury, Wally Adeyemo, which included roundtables with industry leaders and visits to Ogidi Studios underline a recognition of Nigeria’s potential at governmental level. When we welcomed these distinguished personalities at Ogidi, they were not mere courtesy calls; they signified an understanding that the Nigerian narrative is being reshaped by its creative and entrepreneurial forces. They recognized the value proposition, the immense talent and the potential returns.

Nigerian artists are not just making waves; they are creating tsunamis globally. Rema’s ground-breaking 1 billion
streams on Spotify, Asake’s triumph at the O2Arena, Wizkid’s electrifying performance at Tottenham stadium, Tiwa
Savage’s royal presence and performance at King Charles’ coronation, Davido’s Puma endorsement and Burna Boy’s Grammy victory are merely the tip of the iceberg. They symbolize a nation bursting at its seams with potential. Yet, the prowess does not end with music.

Tobi Amusan continues to sparkle at international track meets and recently won the Diamond League. Anthony Joshua, Israel Adesanya and Kamaru Usman are their opponents’ nightmares in the ring. Victor Osimhen’s stellar performance at Napoli further showcases Nigeria’s sporting talent. Every global brand was once just a local talent. Your favourite football club or basketball team were made global by hard work, passion and financial backing of visionaries and investors. Nigeria is a goldmine of such local talents, waiting for the right platforms, investments and partnerships to morph into global icons.

The key to progress lies in investing both in infrastructure and skill development —this is the prescription for success. As we develop our infrastructure, it is imperative that we simultaneously nurture our musicians,actors, athletes, as well as the coaches, officials and crews supporting them. These elements are interdependent; one cannot flourish without the other. A proficient coach, leading a skilled team and equipped with a top-notch venue, draws fans who spend on tickets, food and beverages, thereby boosting the local economy. For those who cannot be physically present, television broadcasting rights ensure inclusivity. Moreover, such versatile venues can double up as concert arenas, showcasing the dynamism of commerce.

One might ask, why is now the right time for investment? The answer lies in the changing nature of content and its potential as collateral. Already, we see content owners licensing to major streamers, getting paid in instalments. These agreements’ inherent strength could soon serve as substantial financial instruments, strengthening economic structures. The reliability and strength of these agreements have garnered the trust of banks, indicating a transformative shift in how we view and value content.

Imagine a world where the next global hit, the next cinematic masterpiece, becomes not just an emblem of cultural pride but a tangible asset, enriching both the creator and the investor. While Disney’s original “Black Panther” movie might not have invested directly in Nigeria or Africa, its sequel showcased Nigeria’s potent creative prowess, with significant portions of its iconic score crafted at our Ogidi Studios.

Esteemed composer Ludwig Göransson, known for his award-winning work on films like”Fruitvale Station,” “Creed ” and “Tenet,” was so impressed by our capabilities that he incorporated many elements we recorded —from evocative chants to war percussions and flutes. Given the successful collaborations and the world class infrastructure we offer, I foresee our upcoming studio becoming the choice destination for future international blockbusters. This transformation underscores Nigeria’s ascension as a lucrative investment hub in the global creative arena.

In an age where “content is the new crude,” Nigeria’s reservoir runs deep. The potential for investment is not confined to entertainment alone. With burgeoning sectors in technology, e-commerce, agriculture, and more, the opportunities will only multiply.

As the world stands at the cusp of a new era, the Nigerian dream is becoming an exciting reality. It beckons investors, creators, innovators and dreamers to partake in a journey that promises unparalleled returns and an opportunity to shape the future. The fabric of Nigeria’s rich heritage, combined with its unparalleled potential, makes it a beacon for investment. Our artists and athletes have shown what is possible on the global stage. Now, it is time for the world to invest in the boundless potential that lies within our shores. These opportunities will only increase, and the world should be ready to embrace them.

In the words of President Tinubu, “We are ready to give you the best returns for investment possible; there’s nowhere else like our country. ” Indeed, the Nigerian renaissance is here and it is ripe for investment.

Idris Olorunnimbe is the Founder and Group Chief Executive of The Temple Company, owners of Ogidi Studios