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Fashion, tourism industries contribute N3.2trn to Nigeria’s GDP annually

By News Desk

The Federal Government has disclosed that fashion industry, tourism, and hospitality industry contributed over N3.2 trillion to the nation’s Gross Domestic Product (GDP) annually and that more was expected in 2020 before coronavirus outbreak in the country.

It said that N2 trillion of the funds was realized from the fashion industry and that the hospitality and tourism industry accounted for about N1.2 trillion.

According to the government, the funds were realized from the thousands of parties, events, and concerts held across the country before it barred social gathering to curb coronavirus spread.

The minister of Information and Culture, Lai Mohammed, disclosed the statistics after receiving reports submitted by Federal Government’s Post Covid-19 Initiative Committee on the Creative Industry on Thursday in Abuja.

Muhammed, who gave an insight into the report submitted by the committee led by ace comedian, Ali Baba, stated that the industries were important to the survival of the country’s economy, assuring that an implementation committee would be inaugurated next Tuesday, to determine which recommendation would be adopted and present to the National Assembly for legislation.

“Also, the publishing and printing industry accounts for almost N1 trillion and about N720 billion worth of books and paper enter the country annually.

“The film industry accounts for about N140 billion, the music industry revenue is over N300 billion while the comedy industry accounts for about N17 billion,” he added.

Aside from the revenues generated, the minister revealed that the report stated numbers of Nigerians that were employed by the industry and reduced the number of unemployed persons in the country.

“You will be amazed that though the film industry accounts for only N140 billion, it employs almost half a million people. The broadcast and advertising industry which I think accounts for another N500 billion also employs almost 500,000 people.

“The beauty and hair care industry does not only account for about 30,000 practitioners but also about 15,000 pieces of hair care, beauty care are sold every month in Nigeria”.

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