mitrobeAre you thinking about how your investment plans can improve Nigeria’s entertainment industry? Do you believe entertainment is one of the most lucrative sectors in Nigeria?
Without doubts, many Nigerians have found their rhythm within the entertainment industry and this clearly indicates that entertainment is one of the surest paths to wealth in Nigeria. Recently, we observed that many Nigerian entrepreneurs haven’t invested in entertainment and in order to convince you that entertainment is much more profitable than you can imagine, we have come up with the top 4 entertainment businesses for Nigerian entrepreneurs.
But before that let us consider few tips on why you need to be self-employed in Nigeria
Broadly speaking, some people think being a businessman/woman is the only thing that guarantees self-employment in Nigeria. Consequently, they hustle and bustle in search of huge capital needed to run businesses. However, you can become self-employed with little or no capital layout.
In that case, you must have acquired some important skills that can persuade people to engage your service. Some of the skills that guarantee self-employment are writing, event planning, vocational training and lots more.
Unemployment Rate is Fast Increasing
In Africa, Nigeria has the biggest economy but on a sad note, unemployment remains one of the major challenges affecting the country. Global population estimates show that Nigeria comprises 170 million people and despite the vast amount of mineral potentials at its disposal, the Nigerian government finds it difficult to alleviate the incidence of unemployment. For a densely populated country (such as Nigeria), unemployment may not be a strange circumstance but the fact that it has been growing over the years indicates that the government has failed in various capacities.
Self-Employment is a Great Alternative
On a yearly basis, thousands of Nigerians graduate from higher institutions, hoping to secure employment in a crowded labour sector whereas the Nigerian government can barely provide jobs for all Nigerian graduates. As an alternative, Nigerians –including undergraduates and graduates –are encouraged to delve into self-employment.
Interestingly, self-employment is a great alternative to embrace but due to specific reasons, many Nigerians are yet to find their rhythm in self-employment. Nigeria’s incidence of unemployment is so discouraging that even after graduating with remarkable grades, many Nigerians still find it difficult to secure employment in high-paying public institutions. A lot of Nigerians continue to blame this on bad government whereas being self-employed could have saved them the stress of finding jobs in public institutions.
Self-Employment Guarantees Constant Inflow of Income
One of the advantages of self-employment is that you can be sure of earning regularly depending on your efficiency and the number of clients/customers you have. In Nigeria, public servants bear lots of inconveniences especially when the government fails to pay their salaries on time. On the other hand, being self-employed is the best way you can avoid the headaches associated with delays in the payment of salaries.
Without wasting much of your time, lets consider 4 entertainment businesses for Nigerian entrepreneurs.
Film Distribution
A substantial number of Nigerians engage in film distribution but the ridiculous point of this is that many of them run the business with little or no expertise. If you believe you have sufficient capital to set up this business, I guess you have the glaring chances of rolling in huge turnover. There is a steady increase in the number of marketers in Nigerian cities such as Alaba and Onitsha. By investing in film distribution, you can have a mega wholesale outlet through which films will be supplied to small-scale marketers in bulk. If effectively managed, this will surely yield you substantial returns.
Film Production
Considering the rate at which Nigerians watch films, film production has become an obvious opportunity for a Nigerian entrepreneur to maximize his wealth. However, one of the shortcomings of Nigeria’s film industry is that there are only few mega film producers in the country. Meanwhile, this serves as a great opportunity for a passionate entrepreneur to cash in on film production and become a leading contender. And if you would like to invest in this business, be certain that you can afford to engage the services of talented scriptwriters and seasoned actors/actresses.
Record label is one of the entertainment businesses that thrive substantially but sadly, many Nigerian musicians seem to have debased the idea. Regarding the number of Nigerian pop stars who run individual record labels, you should agree that this entertainment business (of owning a record label) has been trivialized in Nigeria. To make record label an interesting entertainment business, Nigerian entrepreneurs need to establish record labels and sign upcoming artistes to them.
Talent Agency
Nigeria’s entertainment industry is fast growing but again, it is quite saddening that many people are not investing in Talent Agency. Nigeria boasts of many wealthy entrepreneurs but only few of these personalities are committed to helping aspiring artistes to achieve their dreams. Many young and talented Nigerian artistes have been defrauded by illegal individuals who falsely claim to be `music promoters’.
If you’re keen to pump some part of your massive wealth into entertainment, then Talent Agency is one of the entertainment businesses you can venture into.
mitrobe
James steller
Mitrobe Staff
David