The Nigerian Gross Domestic Product Report released by the National Bureau of Statistics, states that 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.
This report is done quarterly to provide information about the current economic status of the country.
The entire economy has shrunk by 2.24% since 2015 and receded by 0.18% from the previous quarter.
The arts and entertainment industry too experienced a recession as the growth seen in this quarter is 3.45% less than it was at this time last year.
One would imagine this decline in the entertainment industry to be as a result, of course, of the general economic conditions.
For entertainment practitioners, this means dwindling income, less shows and loss of lucrative endorsement deals.
But from the figures presented in the report,things seem to be changing for the better.