Students of Building Technology at Covenant have been charged to take advantage of opportunities available in the cinema, retail and entertainment sector as this is said to be the fastest growing part of the economy.
The Chief Executive Officer (CEO) of SGI Design and Build, Prince Tikare, gave the charge while delivering a lecture on “Opportunities in the Cinema, Retail and Entertainment Space for Building Professionals in Nigeria,” at the Town and Gown Seminar, organised by the Department of Building Technology of the University on Tuesday, September 4, 2018.
Prince Tikare provided facts to buttress the opportunities available in the sector. He noted that Lagos, with a population of 22 million, had just nine cinemas compared to London with a population of nine million but with 100 cinemas.
In terms of revenue, the Guest Speaker stated, “The average six cinemas in Lagos gross is about N1.6 billion before tax annually. This sector is the fastest growing part of the economy. The growth rate in this sector is about 5.2% and accounts for 1.4% of the Gross Domestic Product (GDP),” he added.
According to Prince Tikare, more people who wanted to shop less in places like Balogun Market in Lagos and preferred to shop in modern, conducive environments were ready to pay for the convenience.
He added that due to access to mobile phones and cheaper internet connection, more Nigerians were well informed and were prepared to pay to escape the tedium of their everyday challenges in clean and air-conditioned environments. “So, there is room for much development and plenty of rooms for building professionals like you,” he told the audience.
On how to explore the opportunities, Prince Tikare enjoined the participants to be pro-active, think outside the box and engage all their acquired knowledge in collaboration with other professionals in the industry.