The Federal Government has described the estimated N10.3 trillion loss to national and global piracy in the creative industry as unacceptable.
The Minister of Information and Culture, Alhaji Lai Mohammed made the statement in Abuja on Friday when a delegation from the Performing Musicians Employers Association of Nigeria (PMAN) made a presentation to him.
Mohammed said the figure, which represented 85 per cent of the N15 trillion worth of the industry, could turn the economy of the nation around if piracy was addressed.
He also bemoaned the trend where about 92 per cent of music and video productions by Nigerian artistes were done mostly in South Africa, Europe and America.
The minister said that government would work with the association to stop piracy and provide the enabling environment for the creative industry to thrive.
He said government would encourage investments in the creative industry.
Mohammed agreed with the recommendations of the association that Nov. 30 should be set aside as anti-piracy day.
He said the ministry with the association would hold a press conference to announce government’s commitment to fight piracy, protect creative assets and grow revenue in the sector.