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Mfonobong Inyang: There’s a Need for Financial Literacy in the Creative Sector

The Nigerian entertainment sector has remained one of the thriving aspects of the economy, owing principally to two reasons amongst many others: it is youth-driven and has relatively little interference from government; Nigerian youths account for over half of the country’s population, which is over 100 million people, going by the estimated population of about 200 million. Over the past decade, there has been growth in leaps and bounds, however, it’s time to move the needle some more.

Creativity in Nigeria is like sand on the seashore, we are endowed with numerous talents from music to movies to tech, and the list goes on. Cliché as it is, one of the reasons why this sector hasn’t been able to scale is the overarching inability to attract adequate funding. A lot of the projects that we see in Nollywood, for example, have great storylines but the budget constraints makes it difficult, if not impossible, to excellently execute the ideas they had in their heads.

That is why financial institutions and organisations that have seen this potential have ramped up their marketing and are constantly making aggressive incursions into the heart of the entertainment sector. The players in the entertainment sector have also improved their craft and business savvy, making it easier to attract finances necessary for viable projects.

Nevertheless, the knowledge gap exists and still needs to be bridged, there are numerous cases where creativity and financing are at loggerheads because one party didn’t understand the language of the other. A typical example is when music artistes sign contracts with a record label only for the relationship to turn sour a few years later because one party suspects the other is exploiting his or talent in exchange for peanuts, while the other party believes they are working with a lazy or dishonest creative. It, therefore, becomes very important for both parties to speak the same language.

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