Nigeria’s entertainment and media (E&M) industry is on an unstoppable rise, with new projections placing its growth at an impressive 8.6% compound annual growth rate (CAGR) through 2028.
The country’s E&M industry remains the fastest-growing in the world. This rapid expansion cements Nigeria’s position as Africa’s leading entertainment powerhouse, outpacing South Africa and Kenya in growth.
A new report by PwC explains the major catalysts behind this surge—Nigeria’s booming youth population, increasing broadband penetration, and a rapidly evolving digital economy.
With a median age of just 18.1 years, the country boasts a predominantly young and tech-savvy demographic that is fueling demand for digital entertainment like never before.
The Next Big Moneymakers: Internet Ads, Gaming & OTT
According to the report, the fastest-growing segments within Nigeria’s E&M industry over the next five years will include:
- Internet Advertising: Expected to more than double by 2028, driven by the ambitious broadband expansion plan aiming to provide 90% coverage by the end of 2025. Brands are set to pump billions into digital marketing as internet access becomes more widespread.
- Video Games & Esports: Gaming is no longer just a pastime; it’s a billion-dollar industry in the making. The country’s youthful population, combined with better internet access and mobile gaming innovations, is pushing the sector to new heights.
- Over-the-Top (OTT) Streaming: With Nollywood producing over 2,500 films annually and global players like Netflix and Amazon Prime increasing their focus on local content, the demand for streaming services is skyrocketing.
- Music, Radio & Podcasts: Nigeria’s music industry is already making waves globally, and with Afrobeats taking centre stage worldwide, investments in digital streaming and podcasting will only continue to grow.
