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Nigerian entertainment industry gets major boost with new 12,000 capacity arena
Lagos State and the Nigerian entertainment industry are poised to receive a significant infrastructure boost with the development of a world-class arena. Stakeholders in the Nigerian music industry have long emphasized the need for a venue capable of hosting large-scale music concerts and entertainment festivals.
Recognizing Lagos State as the African entertainment capital and the birthplace of Afrobeats, plans are underway for the construction of the region’s first world-class entertainment infrastructure. The project, known as the 12,000 capacity Arena, is being spearheaded by a consortium comprising Live Nation, Oak View Group (OVG), and the Nigerian Sovereign Investment Authority (NSIA).
The groundbreaking ceremony for the project took place on Saturday, February 24, 2024, with the Lagos State governor, Mr. Babajide Sanwoolu, in attendance. The consortium responsible for delivering the project includes key figures such as Tayo Amusan, chairman of the Persianas Group, as well as representatives from Live Nation and OVG, among others.
With an investment exceeding $100 million, the arena is slated for completion by December 2025. Once finished, it will be capable of hosting a wide range of events, including UFC, WWE, boxing, basketball, music concerts, festivals, and award ceremonies, with an estimated capacity for 200 events annually.
This development marks a significant milestone for Lagos State and the Nigerian entertainment industry, providing a state-of-the-art venue to accommodate the growing demand for world-class entertainment experiences in the region.
“Nigerian artists are some of the most influential in the world right now and yet they have nowhere to play in their home market,” said Tim Leiweke, chairman and chief executive of OVG. “We want to change that. This consortium, headed by Tayo Amusan, has shown enormous tenacity and entrepreneurial spirit in getting this project off the ground and we are proud to be their partner,” he added.
Moody Center in Austin, UBS Arena in New York, and Climate Pledge Arena in Seattle are among OVG’s arena holdings. The 23,500-seat Co-op Live in Manchester, which the firm is opening in April, will grow to be the biggest arena in the United Kingdom.
The construction of a top-notch venue that can accommodate Afrobeats enthusiasts from all over the world is a long-overdue project in Nigeria, and the Arena is a much-needed advance in that country’s music industry
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