Premier Records CEO Urges Banks, NGX To Finance Nigeria’s Creative Economy

By Ovio Peters

The Chief Executive Officer of Premier Records Limited, Michael Odiong, has called on commercial banks, development finance institutions, investment firms and the Nigerian Exchange Group (NGX Group) to expand financing for Nigeria’s creative economy, describing the sector as a strategic driver of economic diversification, youth employment and export growth. Speaking at the recent BusinessDay Creative Entertainment Summit, Odiong said that Nigeria’s music, film, fashion, publishing, gaming, digital content and entertainment industries have matured into globally recognised sectors capable of generating billions of dollars if supported by stronger financial and institutional ecosystems. He argued that while Nigerian creatives continue to gain international recognition, limited access to finance remains a major constraint to scaling creative enterprises.

DECISION HIGHLIGHT

The appeal reframes Nigeria’s creative economy from a cultural sector into an investable economic asset requiring structured capital, financial market participation and long-term institutional support.

DECISION MEMO

Odiong’s intervention shifts the conversation from creative talent to capital formation. Nigeria has demonstrated global competitiveness in music, film and digital content, yet financing mechanisms have lagged behind the sector’s commercial evolution. The result is a widening gap between creative output and business scalability.

According to Odiong: “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.”

His argument draws on international evidence that sustained growth in creative industries has depended less on artistic talent than on deliberate policy, institutional financing and private investment.

He noted: “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 $450 million.”

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

The comparison positions financing as the principal missing link in Nigeria’s creative economy. Although Afrobeats, Nollywood and digital content have achieved global visibility, many creative businesses remain constrained by limited access to long-term capital, intellectual property financing and structured investment vehicles.

His call for greater participation by banks, development finance institutions and the Nigerian capital market also reflects a broader policy question. If intellectual property is increasingly recognised as an economic asset, financing institutions may need to develop new credit assessment models that accommodate creative enterprises whose value resides primarily in intangible assets rather than physical collateral.

DATA BOX

• Speaker: Michael Odiong, Chief Executive Officer, Premier Records Limited.
• Event: BusinessDay Creative Entertainment Summit.
• Institutions urged to participate: Commercial banks, development finance institutions, investment firms and the Nigerian Exchange Group.
• Priority sectors: Music, film, fashion, publishing, gaming, digital content and entertainment.
• United Kingdom creative industries’ annual contribution: Over £145 billion.
• South Korea’s content and entertainment industry annual revenue: More than $100 billion.
• IFPI 2025 estimate of Nigeria’s music industry potential: Over $450 million.
• Key constraints identified: Limited access to finance, institutional support and investment capital.

WHO WINS / WHO LOSES

Winners

• Creative entrepreneurs seeking growth capital.
• Financial institutions expanding into creative financing.
• Investors targeting intellectual property-driven industries.
• Young Nigerians employed across creative value chains.
• Export-oriented creative businesses.

Losers

• Creative enterprises constrained by inadequate financing.
• Financial institutions slow to recognise intellectual property as an investable asset.
• Economies dependent predominantly on commodity exports.

POLICY SIGNALS

• Creative industries are increasingly viewed as strategic economic sectors rather than cultural activities.
• Intellectual property is emerging as a financeable asset class.
• Economic diversification is expanding beyond traditional sectors into knowledge-based industries.
• Public-private collaboration will be critical to scaling Nigeria’s creative economy.

INVESTOR SIGNAL

Nigeria’s expanding global influence in music, film and digital content presents growing investment opportunities across content production, rights management, entertainment finance, digital distribution, creative infrastructure and intellectual property commercialisation. Realising this potential, however, will depend on stronger financing frameworks, regulatory support, intellectual property protection and deeper capital market participation.

RISK RADAR

• Limited access to long-term financing.
• Weak intellectual property monetisation frameworks.
• Insufficient institutional investment in creative enterprises.
• Regulatory uncertainty affecting creative businesses.
• Financing models that remain dependent on conventional collateral rather than intellectual property assets.