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General News

How Nigeria’s Hospitality Industry can Leverage the Entertainment Sector

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By Adeniyi Ogunfowoke,PR Associate Jumia Travel

 

Hospitality has so many branches which include but not limited to music and film. To present a total hospitality package to tourists and visitors, these two must be aligned.

 

In Nigeria, you can arguably posit that there is yet to be a synergy between the hospitality and entertainment industry. This is a minus for both industries because the country is losing out from a major revenue loop. Although both sectors can exist independently, it will do the economy a whole lot of good if they synergise.

 

Let’s give more credence to this. According to Nigeria’s Hospitality Report, Travel and Tourism was directly responsible for 1.9% (N2.3 billion in actual numbers) of the country’s total GDP in 2017.

 

Meanwhile, a report in the Vanguard Newspaper reveals that the entertainment and creative sector contributed 2.3 per cent which was approximately N239 billion to the nation’s Gross Domestic Product, GDP in 2016. Definitely, the numbers would have increased in 2017.

 

You can only imagine how much the Nigerian government will earn if both industries are synergised. In fact, more than the above-referenced figures can be earned if the government and stakeholders explore the endless gains of the hospitality and entertainment industry.
Nigeria’s Entertainment Industry

 

The entertainment industry has grown by leaps and bounds. Unlike in the past when Nigerians have the knack for foreign films and music, the opposite is the case now. They have embraced Nigerian films and music. The likes of Rita Dominic, Genevieve Nnaji, Pete Edochie, Funke Akindele, Wizkid, Olamide, and Davido et al are known all over the world including African countries. They are also celebrated in the country. Hence, they are ‘tools’ that can be used to push the Nigerian hospitality industry.

 

Interestingly, the government has recognised that the creative industry has a huge goldmine and has supported the industry with several grants.

 

In 2013, the government then established N200 billion (or about $1.2 billion) intervention fund for the entertainment industry. Last year, the federal government again supported the Nigerian film industry with N420m grant.

 

The government support has largely boosted the entertainment industry. You can observe this in the quality of videos and songs emerging from the country.
The Hospitality industry

 

There has really been no reported grant or fund for the hospitality industry unlike what is happening in entertainment. This is probably why the industry is laid back.

 

When you talk about hospitality in Nigeria, we mostly look at it from the perspective of hotels and tourist attractions-which need government attention. It is beyond this. There is food, flight, festivals, culture, film, music and much more.

 

The industry has infinite opportunities that only being explored by a few stakeholders and government interest is limited.

 

Again, quoting the Nigeria Hospitality report, the number of direct jobs created by the sector peaked at 1.2 million compared to 651,000 in 2016 (1.6%), that’s 1.8% of total employment in the country. This is estimated to rise by 4.7% by end of 2018 to approximately 1.3 million jobs (1.8% of total employment). If the government could invest in the hospitality industry, these figures will definitely increase.
How the hospitality industry can leverage the entertainment sector

 

Since entertainment is getting more attention from the government, it can be said that the hospitality industry will have to leverage on entertainment for the purpose of business and earn more revenue.

 

This said it is not rocket science to synergise both sectors to earn more revenue.

 

Artists and producers must recognise that there are beautiful, pleasant and awesome Nigerian destinations where they can shoot their videos. For example, we have the Obudu Cattle Ranch, the Kajuru Castle, Olumirin Waterfalls and a host of others. They do not need to visit South Africa or Dubai to shoot their movies. The more these destinations get celebrity endorsements, the more Nigerians will be interested in checking out these destinations and of course, these destinations can earn more revenue.

 

Furthermore, hospitality stakeholders should partner with artists so that they can endorse their hospitality spots. They do not need to pay the artists cash but they can compensate them in kind. For example, whenever, they have shows or performances, they can provide a certain number of rooms to the artistes and his backroom staff. This will translate to more bookings for the hotel.

 

Finally, the Nigerian tourist spots need dire attention. So, these artists can organise shows and performances at these spots. The more performances at these tourists attractions, the more they feature prominently in the media. Since the media sets the agenda, the condition of these destinations will be known to the government. They can now, in turn, develop these destinations.
Conclusion

 

Entertainment and Hospitality can contribute more than it is currently doing to Nigeria’s Gross Domestic Product. That is if it is synergised. The government have a key role to play. They have to also give the grant to the hospitality sector. However, because hospitality is yet to have the influence or impact that entertainment has, the former can leverage on the later to more revenue.


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Ugo Onwuaso is an ICT enthusiast. He believes technology should be used for general good. He holds a Master of Public Administration (MPA) degree from the Lagos state University. Dear Reader, Your support matters. But we believe that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. That is why, we have devoted our energy to independent reportage of technology and finance and how they affect lives. Our incisive and analytical view of how technology news affects the daily life help individuals and organizations make up their minds. Quality journalism costs money. Today, we're asking that you support us to do more. Kindly support our effort to deliver technology and finance journalism to everyone in the world. Donate as little as N1,000. Bank transfers can be made to: UBA Plc 1017156876 Communication Week Media Ltd

General News

Wema Bank Plans N2M Grant to Empower Women

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Innovative financial institution and pioneer of Africa’s first fully digital bank, Wema Bank, has reaffirmed its commitment to advancing women’s empowerment by partnering with the SheCan Conference for the fifth consecutive year.

The collaboration has announced it would empower women with N2 million grant during the 6th edition of SheCan 6.0. conference, that will be held on July 18, 2025, at Balmoral, Federal Palace Hotel, Lagos.

The event is expected to host over 7,000 women under the theme “SheCan Do More.”

Announcing this partnership, Wema Bank through its women-focused platform, SARA by Wema, said it will be awarding ₦2 million in business grants to support women entrepreneurs within the SARA Community.

This grant is to support small and medium businesses within the SARA Community to scale up their business.

Ayodele Olojede, Head, Retail and SME Banking at Wema Bank, said, “Wema Bank is committed to empowering women entrepreneurs by providing the financial backing, tools, training, and networks they need to scale sustainably. Year after year, we’ve seen the incredible ripple effect that access, and opportunity can create in the lives of women and their communities.

“Through SARA by Wema, our goal is to create an environment where Nigerian women can dream bigger, build stronger, and lead the economy with confidence. This partnership with SheCan is a statement of belief in the power of women to transform society.”

“This year’s partnership represents more than sponsorship; it is a tangible investment in helping Nigerian women build sustainable businesses, scale their impact, and contribute meaningfully to economic growth.

“Eligible applicants must be women-led businesses with active Wema Bank accounts and must be registered members of the SARA Community.

“Interested participants are required to submit a written pitch of no more than two pages, detailing their business and founder story, the problem being solved, target audience and competitive advantage, proposed use of the grant, and the expected outcomes and community impact. Entries must also include the applicant’s Wema Bank account number, full name, and the email address used to join the SARA Community.”

 


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General News

Unlicensed Investment Firms Fall Hard in Lagos Court

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Justice D.I. Dipeolu of the Federal High Court in Ikoyi, Lagos, has convicted two companies, FARM360 Limited and MCBHADMOS Trans-Atlantic Trade Limited, for illegal capital market operations.

The Economic and Financial Crimes Commission (EFCC) disclosed that the companies were arraigned on June 16 by the Lagos Zonal Directorate 2 of the EFCC on a five-count charge for operating collective investment schemes without valid licences from either the Central Bank of Nigeria (CBN) or the Securities and Exchange Commission (SEC).

The charges allege that between 2021 and 2022, the firms collected approximately N80 million from several investors but failed to refund the money or pay accrued interest. One of the counts stated that the companies operated without a valid licence to conduct investment management, violating Section 57 of the Banks and Other Financial Institutions Act 2020.

The companies pleaded not guilty, but EFCC investigator Nnadikwu Izuchukwu Collins presented evidence that included a petition from investors who claimed the firms promised high returns through agricultural and forex trading investments. The petition revealed the group invested a total of N93 million.

Investigations showed neither FARM360 nor MCBHADMOS held the necessary licences from the SEC or CBN. A Fidelity Bank statement revealed that the N80 million received was used for personal purposes. The directors of both companies remain at large, with efforts underway to apprehend them.

The prosecution submitted bank statements, the investor petition, and official correspondence with the CAC, CBN, and SEC as evidence, all of which were admitted by Justice Dipeolu.

The court convicted both companies on all counts and imposed fines of N5 million per count.

In a related case, the court also convicted Quintessential Investment Company Limited for similar illegal capital market activities, following its arraignment on two counts of operating collective investment schemes without CBN approval.


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Burna Boy Distances Himself from Meme Coin, Labels Crypto as Fraud

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Burna Boy, Grammy-winning Nigerian artist, has publicly distanced himself from a meme coin circulating online that falsely uses his name and image for promotion.

Burna Boy Distances Himself from Meme Coin, Labels Crypto as Fraud

Burna Boy

In a statement shared via Instagram, the Afrobeats star made it clear that he has no involvement in any cryptocurrency ventures, describing such schemes as fraudulent.

His comments come amid growing traction of a meme coin allegedly linked to him, which has been circulating on social media platform X (formerly Twitter).

“I don’t do any internet ‘coin’ business. I see it as fraud and I have no interest in any of that,” Burna Boy wrote. “So if you see anyone using my name for such, please disregard or report them.”

The singer urged fans to remain vigilant and to report anyone promoting the crypto project under false pretenses.


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