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Digital Transformation’ll Empower Nollywood For Innovation, Growth – Expert
Mr Jide Awe, Chief Executive Officer, Jidaw.com, says embracing digital technologies will help revolutionise Nollywood and the entertainment industry in general for growth and innovation.
Awe said this on Monday during the 5th edition of the Nollywood Economic Outlook in Lagos.
He said harnessing the power of data, AI, and emerging platforms would help the industry reshape storytelling and audience engagement.
“In a rapidly evolving landscape, digital transformation emerges as the catalyst propelling Nollywood into a new era of innovation and growth,” he said.
He noted that with the advent of digital transformation, opportunities were abound to enhance creativity, streamline processes, and captivate audiences on a global scale.
He explained that amidst the promise of progress, challenges loomed on the horizon as the journey toward digital transformation was riddled with obstacles, from infrastructure constraints to privacy concerns.
Awe, however, said through collective determination and strategic partnerships, Nollywood could surmount its challenges by leveraging digital solutions to unlock unprecedented growth and prosperity.
Similarly Toke Benson-Awoyinka, Lagos State Commissioner for Tourism, Arts and Culture, lauded the organisers for sustaining the engagement in the creative sectors and promoting digital transformation to accelerate the growth of the creative industry.
Represented by Adebukola Agbaminoja, Executive Secretary/Chief Executive Officer, Lagos State Film and Video Censors Board, Awoyinka pledged that the state government would continue to partner Nollywood in the area of innovation to drive policies.
In his opening remarks, Don-Pedro Aganbi, convener of the event, noted that collaboration, innovation and infusion of digital technology was indispensable in the quest to move Nollywood to the next level and ensure it continued to contribute to the nation’s economy.
The News Agency of Nigeria (NAN) reports that the event highlighted the importance of embracing global best practices, investing in talent and technology, promoting inclusivity, and fostering collaboration across the industry’s value chain. (NAN
The Nigerian electricity sector slowed in the fourth quarter of 2024 (Q4 2024), with the electricity production index declining by 1.64% year-on-year (y-o-y).
Data from the Central Bank of Nigeria (CBN) says this marks a reversal from the 5.55% growth recorded in the third quarter of 2024 (Q3 2024).
Average estimated electricity generation rose by 2.34% to 4,206.50 megawatts per hour (MW/h) from 4,110.47 MW/h in Q3 2024.
Similarly, electricity consumption saw a modest increase of 2.63%, reaching 4,105.66 MW/h from 4,000.24 MW/h in the preceding quarter.
This is as the Nigerian economy witnessed widespread expansion in the fourth quarter of 2024 (Q4 2024), with 21 out of 22 subsectors recording positive growth.
On a quarter-on-quarter (q-o-q) basis, however, the subsector showed signs of recovery, as the index rose by 22.50% compared to a significant decline of 49.46% in the previous quarter.
The broad-based economic expansion in Q4 2024 can be attributed to several factors, including improved business confidence, increased consumer spending, and enhanced performance in key sectors such as agriculture, manufacturing, and telecommunications.
The government’s fiscal and monetary policies, aimed at stabilising inflation and boosting investment, also contributed to the positive momentum.
According to the CBN, the improvement was largely attributed to enhanced gas supply to thermal power stations and the continued implementation of the Siemens Power Project, which has positively impacted power generation, transmission, and distribution networks.
Notably, the oil and gas sector benefited from relatively stable crude oil prices and improved domestic production, which provided a boost to overall economic output.
The data also stated that the non-oil sector, particularly fintech and digital services, also played a significant role in driving economic activities.
The Alliance of Sahel States (AES) comprising junta-led Mali, Niger Republic, and Burkina Faso have imposed a 0.5 percent import duty on goods from the Economic Community of West African States (ECOWAS) member nations.
The move further strains relations between the three junta-led nations and the ECOWAS, which they withdrew from earlier this year following a series of military coups and economic sanctions.
The AES, which began as a security pact between the military rulers of the three countries in 2023, has now metamorphosed into an aspiring economic union with plans for biometric passports and closer economic and military ties.
In a joint statement last week, the AES said the levy aims to generate revenue to fund the alliance’s activities.
The tax, which came into effect on Friday, applies to all imports from ECOWAS countries, except humanitarian aid.
The taxes also disrupt the free trade once enjoyed by all countries in the West African region.
The economic implications could be severe, leading to higher consumer prices, supply chain disruptions, and strained regional economic stability.
While it may provide short-term revenue for the junta-led governments, it risks other long-term consequences, including weakened regional integration.
ECOWAS has maintained that it will keep diplomatic channels open with the junta-led states until July, despite announcing their permanent expulsion from the bloc earlier this year.
Monday Okpebholo, the governor of Edo state, says 14 suspects arrested in connection with the killing of Kano-bound travellers in Uromi LGA of the state have been transferred to Abuja for further interrogation.
The suspects were detained after a mob attacked a group of hunters travelling to Kano for Sallah celebrations on Thursday.
Speaking in Abuja on Monday during a condolence visit to Barau Jibrin, the deputy senate president, Okpebholo condemned the attack and assured Nigerians that those responsible would be brought to justice.
Okpebholo also announced that his government had set up a committee to support the families of those killed.
“It’s unfortunate that it happened in our state. We are here to say, to let you and other people know that we are not happy,” Ismail Mudashir, media aide to Barau, quoted Okpebholo as saying.
“The president is doing something drastic about this. He’s not happy also.
“The IG has swung into action. The DIG CID is in charge. So far, they have arrested 14 suspects.
“So they are bringing them to Abuja for interrogation. We have also set up a committee to see that we take care of the families of the deceased.”
Responding, Barau said the perpetrators of the act must be brought to book to serve as a deterrent to others.
“We cannot undo what has been done. But we all want – all Nigerians, what they are looking forward to is to make sure that these people are arrested and brought to justice. And you are doing well in that direction,” Barau said.
“And I’m also glad you’ve spoken about the fact that your government is ready to assist the families of those affected.
“I want you to continue to pursue the case so that all those who were involved in these barbaric actions are brought to justice. It’s a barbaric action, to say the facts.”
He urged the Edo government to ensure all those involved were held accountable, adding that such attacks must never happen again.