December spending boosts Lagos economy by N50b - FAITH ADAMA'S BLOG

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Friday, 29 December 2017

December spending boosts Lagos economy by N50b


Lagos State said yesterday that its economy got a N50 billion boost this month through spending in the creative sector.

Information and Strategy Commissioner Steve Ayorinde said from various reports, statistics and analyses monitored over the last few days, additional spending of about N50billion in the creative entertainment sector was recorded within the last 25 days.
He described this as reinforcing the profile of the state as the hub of entertainment and tourism and the economic capital of West Africa.
He said the peak in entertainment activities and the huge influx of people on holiday visits impacted positively on the economy at a time that corporate sponsorship of the creative sector also recorded an appreciable growth.
Ayorinde said reports monitoring the current trends show multi-billion naira spending in hotel accommodation across the state; alcohol and beverage consumption as well as culinary business; visits to resorts, parks, clubs and lounges, live theatre and cinemas; fees for musicians, their handlers and technical officials as well as ancillary businesses like fashion and clothing, kiddies’ games and toys, specialised taxis and private security guards that all contribute into the tourism and entertainment sectors.
“What this cash-enabled December has shown is a massive growth in the creative economy sector in Lagos State.
“The entire state is agog, hotels are fully booked from Victoria Island to Ikeja, Epe and Badagry. There is a renewed sense of fun among the citizens and visitors. The volume of entertainment content being created for the pleasure of the citizens and media is unprecedented right from the beginning of the month.
“COPA Lagos Beach Soccer Tournament at Eko Atlantic was a combination of football and musical performances. The Lagos Street Carnival was a demonstrable evidence of the government’s assurance that security and traffic management can now be taken for granted in the state when big shows happen. New cinemas are being launched and all are recording huge box office takings. Four of Africa’s biggest musicians – Olamide, Falz, Wizkid and Davido – have had the biggest concert productions in Africa in the past one week.
“And we have now entered Day 5 of the 8-day, 5-centre One Lagos Fiesta that is featuring more than 700 artistes, if you add dancers, instrumentalists and participants at the Lagos Grows Talent component of the fiesta. This is an extra-ordinary entertainment value chain that is impacting on the pockets and well-being of the people. This is an economic reality that you can only get in Lagos State.”
He said: “This Government has found a nexus between art and prosperity. Part of what we have done with care in the past two and half years is to develop and nurture the entertainment value chain that feeds the creative economy of the state. We are aware and happy that industries in the creative economy supported more than 500,000 direct, indirect and induced jobs in the past 30 months, cutting across music promotion, live entertainment, motion picture, digital media, live theatre and cinemas as well as fashion and culinary businesses.”