NSE woos stakeholders in the music industry

The Nigerian Stock Exchanged has encouraged the inclusion of the music industry as a viable means of creating jobs and accumulating wealth through the capital market.

Chief Executive Chairman of the Nigerian Bourse, Oscar Onyeama, at the recently concluded Music Week Africa event at the Exchange, encouraged the entertainment industry to look seriously at leveraging the opportunities that abound in the capital market in Nigeria.

While noting that the African Music Landscape has grown significantly in the past few years with Nigeria’s

entertainment and media market fastest-expanding major market globally, Oscar said long term growth is often achieved through public quotation on an Exchange, adding that this growth and more can only be achieved by having companies in the entertainment industry listed on The Nigerian Stock Exchange.

“Annually, the Nigerian music industry produces thousands of albums of different genres of music. Record sales have more than tripled in the past five years and industry stakeholders have

projected that the country’s entertainment industry would hit US$1 billion dollars this year,” he said.

“The South Africa’s entertainment and media market continues its run of double-digit year-on-year growth,

and is set to reach R176.3bn ($13.04bn) by 2019. Kenya’s entertainment and media market is set to surpass US$3 billion in 2019.

The industry has the potential to do much more, and this why Music Week Africa (MWA) is bringing together key stakeholders to start the conversation about enabling sustainable growth in the entertainment industry across the continent,” he added.

On the Exchange association with the music industry, Oscar said NSE was proud to partner with Music Week Africa to promote the business of music and accelerate the growth of this sector in Africa.

“The Music Week Africa platform provides opportunities for sector players, investors and collaborators to close deals, network, connect as well as increase their capacity to develop profitable and sustainable business models for the music and entertainment industry on the continent,” he said.

med at strengthening and providing products that are aligned to investors’ requirements, improve market access, while ensuring a fair and orderly market. These deliverables have improved

investor confidence and repositioned firms listed on the Exchange as attractive investment opportunities,” he said.