Premier Records Limited Urges Banks, NGX To Invest In Nigeria’s Creative Economy 

The Chief Executive Officer of Premier Records Limited, Michael Odiong, has called on commercial banks, development finance institutions, investment firms and the Nigerian Exchange (NGX) to play a more active role in financing Nigeria’s creative economy, describing the sector as one of the country’s most promising pathways to economic diversification, youth empowerment and sustainable growth.

Speaking on the enormous potential of the industry during the just concluded BusinessDay Creative Entertainment Summit, the CEO noted that Nigeria’s music, film, fashion, publishing, digital content, gaming and entertainment sectors have evolved into globally recognised industries capable of generating billions of dollars in revenue if adequately supported by the nation’s financial ecosystem.

According to him, while Nigerian creatives continue to achieve international success and recognition, access to finance remains a major challenge, limiting the growth and expansion of creative enterprises.

“The future of Nigeria’s economy will not depend solely on natural resources. Increasingly, wealth is being created through ideas, innovation, intellectual property and digital content. The creative economy represents a strategic opportunity for Nigeria to create jobs, increase exports and generate foreign exchange earnings,” he said.

The Premier Records boss pointed to global success stories where governments and financial institutions deliberately invested in creative industries and reaped significant economic benefits.

“In the United Kingdom, the creative industries contribute over £145 billion annually to the economy and remain one of the fastest-growing sectors. South Korea’s content and entertainment industry generates more than $100 billion in annual revenue while earning billions of dollars in exports through music, films, television productions and digital content. According to the IFPI report for 2025, Nigeria has the potential to generate over $450m.

“These achievements did not happen by chance. They were made possible through deliberate policies, access to finance, institutional support and private sector investment.”

He stressed that Nigeria possesses similar potential, citing the global rise of Afrobeats, the continued expansion of Nollywood, the growth of digital content creation and the increasing international demand for Nigerian cultural products.

The CEO emphasised that banks and financial institutions stand to gain significantly by supporting the sector.

According to him, financing the creative economy will open access to millions of young entrepreneurs and consumers, create new lending opportunities, expand digital payment transactions, increase foreign exchange inflows and provide access to emerging intellectual property-based assets.

“Creative businesses generate predictable revenue streams through royalties, licensing, streaming income, publishing rights, film distribution and digital subscriptions. These can be structured into viable financial products and investment opportunities.”

He further noted that the Nigerian Exchange has a critical role to play in deepening access to long-term capital for creative enterprises.

“As creative companies grow and mature, many will require capital raising opportunities through equity listings, corporate bonds and other investment instruments. The NGX can position itself as a platform for nurturing creative businesses into globally competitive corporations.”

The CEO called for the establishment of dedicated creative industry financing windows by commercial banks, the creation of specialised investment funds targeting creative enterprises and stronger collaboration between government agencies and financial institutions.

He also advocated for policies that recognise intellectual property as a bankable asset, enabling creative entrepreneurs to leverage their copyrights, music catalogues, film libraries and publishing rights to access financing.

“Nigeria has the talent, creativity and entrepreneurial spirit needed to become Africa’s leading creative economy. What is required now is a coordinated partnership between government, financial institutions and industry stakeholders.”

He added that increased investment in the creative economy would contribute significantly to reducing unemployment, stimulating innovation, increasing tax revenues and improving Nigeria’s global competitiveness.

“The creative economy is no longer just about entertainment; it is a serious economic sector capable of contributing substantially to national GDP.

“By investing in creativity today, we are investing in the future prosperity of Nigeria.”

Premier Records Limited, one of Nigeria’s pioneering music and entertainment companies, reaffirmed its commitment to supporting the growth of Nigeria’s creative ecosystem and called on all stakeholders to work collectively toward building a globally competitive creative economy that benefits both investors and the nation at large.