LCCI inaugurates sectoral group to raise creative & sports entrepreneurs

The Lagos Chamber of Commerce and Industry (LCCI) has inaugurated Creative, Entertainment and Sports Group (CES) as the newest in the fleet of its groups. The chamber eyes new set of disruptive entrepreneurs in the creative, entertainment and sports sectors.

During the inauguration, Babatunde Ruwase, president, LCCI, said CES represents a very important sector of the Nigerian economy, as the creative and entertainment industry has become a tangible contributor to the nation’s Gross Domestic Product (GDP).

Acknowledging the contributions of the Nigerian film industry, popularly known as Nollywood as the globally recognised second largest film producer in the world, Ruwase said the industry has contributed immensely to the growth of GDP as well as created jobs in the value chain.

As a significant part of the art, entertainment and recreation sector, Nollywood contributed N239 billion, representing 23 percent to Nigeria’s GDP in 2016, valued at N156.5 billion in 2018, according to National Bureau of Statistics (NBS).

The sector has been adjudged as one of the fast-growing sectors in Nigeria with a GDP growth rate of about 2.5 percent and contribution of 0.2 percent in 2016.

“It is in response to the importance and performance of this sector that LCCI decided to create this group,” Ruwase said.

Explaining the rationale behind the creation, Ruwase said the aim was to provide the necessary platforms needed for the advocacy that would enable a better business environment for the creative, entertainment and sports sectors of the economy.

The creative industry, according to the chamber, has generally made significant strides by engaging the youth population and generated employment over the years.

This sector was propped by the emerging digital technology, which supported content creation, distribution and consumption. It has also uplifted middle class families in Nigeria and sub-saharan Africa as well as support industries, which are rapidly growing.

With the creation of CES, the chamber now operates 23 different groups.

Felix Awogu, general manager, Super Sport West Africa, said the global value of entertainment (including sports) industry is about $2 trillion, arguing that sports should be part of entertainment and be called ‘sportainment’.