Edo Creative Industry Rakes in over N500m Revenue

*Obaseki boosts tax collection with state-wide taxpayers’ enumeration exercise

Stakeholders and entertainment actors in Edo State have valued the revenue accrued to the sector in 2021 to about N500 million owing to the growing opportunities and investment attracted to the creative and entertainment industry during the period.

A cross-section of stakeholders, who spoke with journalists, said the entertainment sector in the state had continued to record impressive growth, which is creating job opportunities for youths in the state.

The growth, analysts said was attributable to the ingenuity of youths who are harnessing opportunities in the digital economy, especially skit-making and comedy on social media; active nightlife with growing hospitality sector; improved business environment facilitated by reforms of the Governor Godwin Obaseki-led administration, particularly in the provision of security and the inflow of Diaspora receipts.

The analysts estimated that the sector would have generated up to N500 million in revenue from digital revenue, show tickets and other sources.
Cumulatively, the concerts organised in the state in the last quarter of 2021, witnessed not less than 30,000 attendants who graced sold-out music and comedy shows, among others.

Chief Executive Officer (CEO) of Engraced Events and Entertainment, Emmanuel Itoto, said the entertainment sector in the state has continued on an upward trajectory, recording a lot of activity in the previous year.

According to him, “For several months, we have been having high-quality events. We had the Cyclers Concert, MC Casino’s Game of Jokes and IGoSave’s concert. All these shows sold out 3,000 capacity facilities. There was also the McEdoPikin Show.

“There were many more shows and the level of organization has shown that entertainment is now a serious business in Edo State. A lot of people are now coming out to have a really nice time. We have the capacity to host A-list artists and deliver a really good show.”

Attributing the trend to the government’s security reforms, he said, “A lot of people are encouraged to come out for the shows because of the improved security situation in the state. The people are sure that when they are returning to their houses by 2 am or thereabouts, they are safe.”

However, he noted that the shows have been mainly sponsored by individuals and their business partners as against the industry standard whereby corporate sponsors are actively involved in hosting the shows.

“We need more corporate sponsors as we know the kind of expenses and effort needed to put a high-quality show together. Corporate sponsors are needed for sustainability,” he added.

A Disc Jockey, DeeJay Joe, who has played in a number of the shows in Benin, said the number of shows in the metropolis has grown astronomically, owing to the growth of the entertainment industry.

“For those of us who are actively involved, we see it as promising. A lot of growth has happened and we anticipate more activities in the New Year. With the nightlife booming, a lot more people are more likely to come out to attend shows.”

Managing Director, Edo State Investment Promotion Office, Kelvin Uwaibi, noted that the state continues to attract investment because of the investment-friendly posture of the state government.
He noted that analysts have estimated revenue in the entertainment space to be close to N500 million owing to growing activity in the sector.

“We are really impressed with activity in the sector and would want more investors, especially as the state government has set up the Victor Uwaifo Creative Hub to drive growth in the creative industry,” he added.

Meanwhile, Obaseki, has said his government would in 2022, complete the ongoing state-wide taxpayer’s enumeration exercise, as part of efforts to improve the state’s tax system and boost revenue.
Obaseki, who spoke to journalists in Benin City, reassured that his administration plansto undertake numerous citizens’ reorientation programmes to reinforce a sense of belonging in the citizenry, providing them with the opportunity to understand, participate and contribute to deepening governance.

He stated that ongoing reforms in tax collection and management aimed at increasing the state’s Internally Generated Revenue (IGR) would further strengthen the economy and propel the much-needed growth to engender inclusive development.

According to the governor, “In the new year, we will complete the state-wide tax payer enumeration exercise and synchronisation of databases at Edo Internal Revenue Service (EIRS), Ministry of Wealth Creation and Cooperatives, Edo Geographic Information Service (EdoGIS) and Local Government Areas (LGAs), so as to facilitate the design/implementation of business incentive schemes, tax harmonisation and voluntary compliance.”

Obaseki reassured that the 2022 Appropriation Bill, which has now been signed into law would help in the realisation of the government’s vision to enhance reforms in the government process, stimulate economic prosperity and improve ease of doing business so as to continuously attract private capital to engender sustainable development in the state.

He added: “Our 2022 budget is informed by the government’s Making Edo Great Again (MEGA) agenda, which prioritizes the promotion of social inclusion, economic empowerment for Edo citizens, through the deepening of investments in socio-economic, governance and security infrastructure; and through the implementation of initiatives that guarantee equal access to education, health care and social protection.”