'The music industry is the new crude oil' - Audu Maikori


Audu Maikori, founder and president of Chocolate City Group, says the Nigerian music industry has the potential to contribute immensely to the economy, yet it’s not getting the attention it requires.

The entertainment executive said show business can help take Nigeria out of economic recession while lamenting the fact that investors tend to see the music industry as a “charity case”.

Maikori said this on Thursday at the Nigerian Stock Exchange while giving the opening address of the Music Week Africa conference.

“The music industry is the new oil. It is what will take Nigeria out of recession. Investors see the industry as a charity case but the government needs us at this point in time,” said Maikori.

The lawyer also noted that the music industry, if well structured, can offer an incredible amount of employment opportunities.

“This industry can be the harbinger of good times but there’s still no structure. Beyond entertainment value, there is power,” he added.

He maintained that it’s only Nigerians that can do something about building a structure in the industry while he called on entertainment practitioners and industry stakeholders to collaborate more often for there to be substantial progress.

“I’ve been on several panels but nothing really happens afterward. The way forward for this industry is partnership; collaboration not competition.”
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