The arts and entertainment industry experienced a growth of 1.86% to 12.81% in the third quarter of the year, contributing N54b to the country’s GDP. The figure is 3.45% less than it was at this time last year.
This is according to the Nigerian Gross Domestic Product Report released by the National Bureau of Statistics.
It is believed that the decline in the entertainment industry is as a result of the general economic conditions of the country as the entire economy has shrunk by 2.24% since 2015 and receded by 0.18% from the previous quarter.
What this implies is that entertainers have had less shows and concerts in the early part of the year; and some of the major brand endorsement deals they were enjoying have been withdrawn from many of these artistes.