The creative industry stakeholders reached this consensus in Lagos on Tuesday at the maiden edition of QEDNG Creative Powerhouse Summit organised by Mighty Media Plus Network Limited.

Themed “Financing as Catalyst for a Thriving Creative Economy,” the summit brought together filmmakers, musicians, fashion designers, journalists, business and thought leaders, bankers and government officials, among others, to brainstorm on how to make creatives in Nigeria thrive and not just survive.

In his welcome address, Olumide Iyanda, the founder and chief executive officer of Mighty Media, called for “honest conversations,” noting that it is time for creatives to think and act smart for the industry to bloom.

“Nigeria’s creative economy contributes approximately $5.6 billion to our GDP and it is the second highest employer in the country. The federal government has set a bold goal of raising the sector’s contribution to $100 billion by 2030. The plan seeks to position Nigeria as a leading creative and entertainment hub on the global stage,” he said.

According to him, talents and ideas abound, but the real challenge is turning them into “something people can see, hear, touch and actually pay for.”

“We need honest conversations. We need new partnerships. We need to think big and act smart,” Mr Iyanda, who doubles as Publisher of QEDNG and Convener of the QEDNG Creative Powerhouse Summit, added.

Udeme Ufot, group managing director of SO&U, in his capacity as chairman of the summit, hailed QEDNG as a platform which has “steadily grown into a reputable voice in Nigeria’s media and digital journalism space through its commitment to telling authentic stories, amplifying emerging voices, and shaping conversations that reflect our evolving national identity. Its journey mirrors the core theme of this summit: unlocking potential through vision and purpose.”

He agreed that capital is required to unlock the potential of Nigeria’s creative economy and that capital must be sustainable and accessible.

“Because without access to sustainable and strategic funding, creativity struggles to scale. Ideas remain trapped in notebooks. Studios shut down. Talent goes untrained. And potential remains just that – potential!” he said.

“The issue is not just about throwing money at the industry. It is about smart financing. It is about investors who understand the long tail of content development, banks willing to develop products tailored for creative entrepreneurs, governments designing policy environments that reward innovation and risk-taking, and private sector leaders championing scalable, locally relevant business models,” Mr Ufot noted.

The advertising expert urged Nigerian creative entrepreneurs to demonstrate sound financial management and assure investors that funds entrusted to them will be used responsibly.

Dr Nkiru Balonwu, founder of The Africa Soft Power Group, kicked off discussions with her engaging keynote speech.

“The challenge, I think, is not the absence of capital but the lack of scalable, structured investment frameworks that the industry needs to thrive,” she said.

Balonwu referenced the recent announcement of Afreximbank’s billion-dollar Africa film fund under its Mechanics Programme as a welcome step forward but cautioned that its impact depends on effective implementation and alignment with industry needs.

She noted that at the national level, capital exists in theory, but the real gaps lie in design, accessibility and alignment with the practical needs of entrepreneurs.

According to her, these funds serve large-scale projects while most creatives in Nigeria are operating at the micro or early growth level.

“Part of what we need is tier-targeted financing (early stage grants), seed capital, patient equity, all tailored to the creative life cycle. We need financing designed for the messy middle, not just the glamorous headline projects or the polished final product,” she said.

Balonwu, former chief executive of Spinlet, the first music streaming and digital distribution platform in Sub-Saharan Africa, called for long-term financing solutions that support not just content production but also the often overlooked infrastructure critical for a thriving creative economy, including intellectual property banks, data centres, legal support, domestic distribution networks, rights management platforms, efficient payment systems and affordable production facilities.

“This requires a mindset shift. Creatives must see themselves not just as artists but as businesspeople, institution builders and financially literate architects of enterprise. Financing must be smart, responsive, and tailored to the entire creative process, not just consumption,” she said.

Balonwu also noted the impact of Artificial Intelligence (AI) in the industry, urging creatives to see it as an enabler, not as a threat.

President Bola Tinubu’s senior special assistant on media and publicity, Temitope Ajayi, in his goodwill message, assured that the government would continue to support the creative sector.

“In terms of promoting the cultural export of Nigeria, the creative sector in the past decade has really done well. So, we must commend the operators of this sector for the good job they are doing,” he said.

Ajayi added that creators must grow beyond “subsistence thinking” for the industry to thrive.

On the panel to dissect the keynote speech were filmmaker and Founder of KAP Group, Kunle Afolayan; President and Founder of All-Africa Music Awards (AFRIMA), Mike Dada; Founder of Africa Film Finance Forum (AFFF), Mary Ephraim-Egbas, and Founder of Duke of Shomolu Productions, Joseph Edgar.

The panellists, during the session moderated by broadcaster, Anike-Ade Funke Treasure, agreed that funding is key to unlocking the industry’s potential but cited difficulties in accessing these funds both from banks, investors and the government.

Former Lagos State Commissioner for Tourism, Arts and Culture, Steve Ayorinde, moderated the second panel, which had the Executive Director of the National Film and Video Censors Board (NFVCB), Dr Shaibu Husseini; Head of SME Banking at First Bank of Nigeria, Dr Abiodun Famuyiwa; Head of Legal and Business Development at The Temple Company, Yemisi Falaye and Group Head of Large Corporates and Structured Finance at Providus Bank, Dr Biodun Ariyo.

While Husseini restated the Nigerian government’s provision of funds for the creative industry, the bankers assured of an open mind to understand the complexities of the industry, which would translate into funding.

Plaques were presented on behalf of QEDNG to some of the notable participants by the Publisher of Realnews Magazine and President of the Guild of Corporate Online Publishers (GOCOP), Maureen Chigbo; Editor of Vanguard Newspaper and President of the Nigerian Guild of Editors (NGE), Eze Anaba, and veteran actress and film director, Joke Silva.

Among the participants at the summit were the Special Adviser to Lagos State Governor on Media and Publicity, Gboyega Akosile; Group Head, Brand Management and Corporate Communication of Polaris Bank, Rasheed Bolarinwa, and former Osun State Commissioner for Information and Orientation, Funke Egbemode.

This affirmation follows remarks by Nigerian filmmaker Kunle Afolayan at the 2024 Zuma International Film Festival, which led to talks about the streaming giant’s exit from the region.

Afolayan disclosed that several film projects commissioned by Netflix had been cancelled, despite the success of earlier collaborations. He said, “Three years ago, signing a three-film deal with Netflix was a significant milestone. While these films performed remarkably well globally, it appears their returns in Nigeria did not meet expectations.” However, Afolayan did not directly state that Netflix was withdrawing from Nigeria.

Adding to the speculation, some observers pointed to Amazon Prime Video’s retreat from Nigeria in January 2024, after a high-profile launch and investment in local content. 

Even with these comparisons, Netflix has categorically denied any plans to leave the Nigerian market. In a statement issued on Wednesday, a spokesperson for the platform emphasised, “We are not exiting Nigeria. We remain committed to investing in Nigerian stories and delighting our audience.”

Netflix’s journey in Nigeria began in 2016 with the licensing of notable local productions. Over the years, it has invested over $23 million in the country’s film industry, supporting more than 250 projects, including licensed titles, co-productions, and original commissions. 

Commendable successes include Lionheart, The Wedding Party 2, and King of Boys. In 2020, Netflix expanded its footprint by signing multi-title deals with industry heavyweights such as Mo Abudu’s EbonyLife Productions and Kunle Afolayan’s Golden Effects Pictures.

Nonetheless, Netflix faces challenges in Nigeria’s competitive streaming sector. With a monthly subscription cost of ₦7,000 ($4), the platform is perceived as a luxury service, especially in a country grappling with inflation and currency devaluation. 

Local competitors like Showmax, known for its affordability, dominate the market, leaving Netflix with a smaller share of subscribers.

The uncertainty surrounding Netflix’s long-term strategy in Nigeria is stressed by its cautious investment approach.

While it has spotlighted Nigerian stories on a global stage, its financial commitment to the country is less in comparison to South Africa, which received 71% of Netflix’s $175 million investment in Africa between 2016 and 2023.

Reports predict that Netflix may need to reassess its pricing model and investment strategy to remain competitive.

The platform’s ongoing challenges are similar to those faced by Amazon Prime Video, which scaled back its operations in Africa due to low profitability.

Netflix’s denial of an exit reassures Nigerian audiences and creatives, but the market dynamics demand a better approach to strengthen its place in the country. 

This thrilling lineup, set to debut in the final quarter of 2024, reiterates Netflix’s focus on entertaining its Nigerian audience with a variety of local content.

Spanning various genres and themes, the collection features films and series from acclaimed filmmakers like Charles Okpaleke, Femi Adebayo, Clarence Peters, Omoni Oboli, and Zeb Ejiro. 

Starting in October, these stories will entertain audiences to experience the richness of Nigerian culture and narratives like never before.

“It is essential to us that Netflix remains the premier destination for the best in Nigerian storytelling for our members in Nigeria,” said Ben Amadasun, Netflix’s vice president of content for the Middle East and Africa. 

“We aim to continue celebrating the country’s rich and vibrant culture and history by acquiring a variety of exciting licensed titles from Nigeria’s best filmmaking talent.”

With a commitment to proving that great stories can indeed come from anywhere and be loved everywhere, Netflix continues to spotlight Nollywood as the cultural and entertainment go-to zone. 

The upcoming 2024 slate includes new releases like the film Hijack 93, a thriller film inspired by true life events launching on 25 October, the anniversary of the event. Hijack 93 tells the story of four young men who hijack a plane in protest of the annulled 1993 elections in Nigeria. 

As they scale through the high-stakes situation, they must balance their demands with the safety of the passengers and their own freedom. The film, created by Play Networks Studios (Blood Vessel, Glamour Girls), will feature an all-star cast including Nancy Isime; Sharon Ooja; Jemima Osunde; Idia Aisen; Adam Garba; Nnamdi Agbo; Akinsola Oluwaseyi; Allison Emmanuel; Efa Iwara and John Dumelo.

“Hijack 93 is a fictional retelling inspired by true events of a Nigerian Airways flight that was hijacked in 1993 by some Nigerian teenagers. Such historic events that are part of the spine of our democracy have the tendency to dissolve before the next generation has knowledge of it. As a filmmaker, my focus is telling our true African stories for the world to see,” says Charles Okpaleke, producer & co-founder of Play Network Studios.

Also launching in 2024 – but only available in Africa – are Inside Life, a series launching on 11 October; Domitilla – a film launching on 8 November; the film Sisi London, launching on 29 November) and Seven Doors, a film that will launch on 13 December.

Netflix has renewed the Nigerian fan-favourite series, Aníkúlápó for another season and recently kicked off production in Ibadan and Ghana where the series leads Sola Sobowale, Bimbo Ademoye, and Lateef Adedimeji make a comeback to reprise their roles alongside new cast members Antar Laniyan, Joke Muyiwa, Adebowale Adebayo, and Saidi Balogun.

The film, which once peaked at #1 on the Netflix Global Top 10 list and returned as a series will be produced by Kunle Afolayan Productions and directed by the award-winning filmmaker Kunle Afolayan.

Speaking about the upcoming season, Afolayan says, “We’re overjoyed that Netflix has renewed Anikulapo for another season. We take pride in telling our stories authentically and this series is a powerful reflection of Nigerian culture and history. This season will explore the complex realities of the slave trade, with actors from Portugal, Ghana, and Nigeria, showing the global connections in our history. 

“Filming in Oyo State and Ghana helped us ground the story in places rich with our heritage. We’re excited to continue sharing this journey with the world and celebrating the depth of our culture.”

Get ready to be thrilled as these gripping stories, steeped in Nigeria’s unique cultural heritage and creativity, take centre stage on Netflix. 

As the country marks another year of independence, Netflix invites viewers worldwide to join in the celebration by diving into these remarkable tales of resilience, passion, and intrigue.

The event, anchored by Funmibi Adeleye, a Brand Consultant, and Corporate Strategist, witnessed a thought-provoking fireside chat featuring Joke Silva, a renowned Nigerian Actress and Entrepreneur, and Kunle Afolayan, the CEO of Golden Effects Pictures.

The dialogue highlighted the fusion of technology and creative expression, addressing the challenges, opportunities, and ethical considerations that come with this transformative synergy.

Joke Silva, reflecting on her role as a Goodwill Ambassador focused on combating human trafficking, emphasized the confluence of AI and social issues. She articulated, “AI is about collecting data and looking for anomalies in the data. It helps us detect activities in specific areas, enabling crime prevention and resource allocation effectively.” 

Silva highlighted the potential of AI in curbing illegal activities, underlining the importance of utilizing technology to address pressing societal challenges.

Kunle Afolayan, an ingenious figure in the film industry, shared his experiences in navigating technology and creativity. 

He emphasized the need for balance, stating, “We must balance our reliance on AI with human creativity. AI can enhance efficiency, but human touch, cultural context, and creativity are irreplaceable.” 

Afolayan advocated for preserving cultural nuances in storytelling, cautioning against overreliance on AI, which might compromise authenticity and diversity in creative expressions.

The discussion delved into augmented reality (AR) and its potential impact on creative industries. Joke Silva expressed her reservations about the widespread adoption of AR, questioning its potential consequences on employment. 

She raised a pertinent concern, “As AI evolves, what happens to those who lose their jobs? Can AI be harnessed to create more opportunities in the creative sector?” Silva highlighted the need to align technological advancements with inclusive economic growth.

Both panelists stressed the significance of aligning technological progress with ethical considerations and human values. Joke Silva emphasized the importance of Nigerian narratives in the global arena, urging for responsible usage of technology. 

She remarked, “Our values need to be right for the culture. Let’s use AI to elevate our country’s image and foster a sense of national pride.” Kunle Afolayan echoed her sentiments, emphasizing the need for a thoughtful approach. He stated, “AI should not compromise our authenticity. We must maintain the integrity of our stories and culture while embracing innovation.”

The fireside chat concluded with a shared vision – a future where AI enhances, rather than diminishes, creativity. Both panelists emphasized the need for ongoing dialogue, ethical guidelines, and a collective effort to harness technology responsibly. 

With the speed at which the creative industry is evolving, the integration of AI offers a lot of possibilities, provided it aligns with human values, preserves cultural diversity, and empowers societies globally. 

Through mindful collaboration, the fusion of AI and creativity can usher in boundless innovation and cultural enrichment.