Nexus Between Income Contribution Of The Entertainment And Media Industry And Economic Growth In Nigeria

Abstract

The income contribution of the media and entertainment industry to Nigeria’s economy was examined using the least squares regression technique to analyse data sourced from the Central Bank of Nigeria’s statistical bulletin and the National Bureau of Statistics. Real gross domestic products proxied economic growth, while income from broadcasting, publishing, motion pictures, sound recording and music production, and art and recreation were the proxies for explanatory variables. The results revealed that income from broadcasting, publishing, motion picture, sound recording and music production had a statistically significant influence on the economy of Nigeria, while income from arts and recreation was not able to cause a statistically significant effect on the real gross domestic product. It was recommended that the government give unreserved support and encouragement to Nigeria's broadcasting, publishing, motion picture, sound recording and music production to make the sector more productive. Private institutions should invest in the media and entertainment industry to tap into the sector's financial opportunities and boost domestic output. Policies that create an enabling environment for private sector investment in the entertainment and media industry are imperative to increase the income contribution of the entertainment and media industry to Nigeria's real gross domestic product.