CEO of Nigerian Exchange Limited (NGX), Mr. Temi Popoola, has highlighted the role of Nollywood in galvanizing increased retail investor engagement within the capital market.
Popoola stated this during the Closing Gong Ceremony marking the year’s final trading day.
Join our WhatsApp ChannelEmphasizing its resonance with Nigeria’s younger populace, the NGX CEO advocated leveraging Nollywood’s appeal to draw in more investors.
“Nollywood’s influence on our younger generation can significantly drive participation in the market,” remarked Popoola.
“It plays a crucial role in not just showcasing our economy but also in educating and engaging the youth to actively join the investment landscape.”
READ ALSO: NGX Hits Record High In 2023’s Last Trade, Displays Strong Year-End
The event, honoring the achievements of renowned Nollywood figure, Mr. Richard Mofe Damijo (RMD), also witnessed Damijo emphasizing the indispensable fusion of business and the creative sector in propelling Nigeria’s economic growth.
“Integrating our art and culture into our economic narrative is essential for promoting Nigeria and attracting foreign investments,” Damijo said, underscoring the need for symbiotic interactions between the business and creative communities.
Calls from industry stakeholders advocating Nollywood’s integration into the capital market have gained momentum. Folagbade Adeyemi, Head of Ecosystem Integration at VFD Group, emphasized the sector’s high returns despite inadequate funding, citing examples like the immensely popular movie “Black Book.”
“Adeyemi highlighted the enormous untapped potential within Nigeria’s entertainment and media sector,” Popoola reiterated. “There’s immense growth, but the absence of structured support impedes substantial returns.”
Calling for the establishment of frameworks to bridge this gap, Adeyemi emphasized the need for collaborative efforts between the capital market, regulators, and industry players.
“The market needs to craft structures that promote the inclusion of entertainment,” Adeyemi asserted. “Regulators should provide the necessary frameworks for safety and organisation, enabling diverse strategies to infuse entertainment into the market.”
As conversations continue to regarding the fusion of Nollywood and the capital market, the focus remains on fostering an environment where the entertainment industry can integrate into the investment landscape, steering Nigeria’s economy to greater heights.
Emmanuel Ochayi is a journalist. He is a graduate of the University of Lagos, School of first choice and the nations pride. Emmanuel is keen on exploring writing angles in different areas, including Business, climate change, politics, Education, and others.
