An artiste, Emex E.O.T, has expressed optimism that the music industry could contribute more than any other sub-sector in the entertainment industry to the country’s Gross Domeatic Products (GDP).
Born Emmanuel Thompson, Emex E.O.T made the assertion during an interview, on Sunday, in Lagos, saying the diversification drive of the Federal Government had created a levelled playing field.
He said that sectors were now working hard to make positive and economic impact to the overall achievement of the Economic Recovery Plan by the government.
“Entertainment is a huge industry and for decades only Nollywood was making significant impact to the economy and the society at large but about two decades ago, there was a shift to the music industry.
“The Federal Government’s diversification policy to tilt its focus a little from oil and gas into other sectors like agriculture, mines and others have really spurred economic growth.
“The Economic Recovery Plan is another way of opening up the field to give room for sectors to show their worth and contribute to the economy and the music industry is not left out.
“I believe that the music industry will very soon surpass the movie industry in terms of contributing to Nigeria’s GDP,” he said.
He commended the Federal Government for its support to the entertainment industry.
Emex E.O.T, who just released his second single titled, “Control” said the music industry was generating huge revenues from artistes’ taxes and also created direct and indirect jobs.
“The industry is creating direct and indirect jobs because during concerts and shows, a lot of youths and women are contracted for setting up stages and all of that.
“The industry also contributes immensely to the economy because artistes pay their tax, I pay my tax, so, we play our role in economic and social development,” he said.
Emex E.O.T is an Akwa-Ibom indegine, born in Alagbado area of Lagos State and has only been in the music industry for two years as a professional.
Emex E.O.T, an Afro beat and pop artiste dropped his latest single, Control, on Friday, which is available for download on itunes and sound cloud among others.
He is single but says that “music is my love and life for now, I am not searching.”
He promised Nigerians more positive vibes and hoped not to disappoint them with the lyrics of his music.
The vibrancy of Nigeria’s music industry had had a sizable economic impact. PwC’s Global Entertainment and Media Outlook 2017 to 2021 forecasts that revenue from the sector will hit 73m dollars.