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“Nigeria Loses $2 Billion to Piracy Annually” – Pat Utomi

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Pat Utomi Bella Naija

According to a United Nations report, for every Nollywood movie sold, there are nine pirated copies also sold.

Pat Utomi, renowned political economist and entrepreneur, stated that in view of these statistics, Nigeria could be losing well over $2 billion to piracy annually.

Utomi made this revelation during the recently concluded second edition of the Nigerian Entertainment Conference (NEC), Vanguard reports. He expressed that this piracy problem that has plagued the industry stems from low level of awareness of the masses on the issue of property rights, weak support of intellectual copyright, and poor state of infrastructures.

Emphasizing that piracy is a distribution challenge that greatly  threatens the growth and development of the industry, he urged entertainment industry professionals to strive to educate themselves about this issue, in order to actively contribute to finding lasting solutions to the problem.

Photo Credit: Vanguard

5 Comments

  1. Yinka S

    April 29, 2014 at 10:46 am

    Oh please. There are better things to worry about. How much do we lose in oil theft per day? How much has boko haram cost Nigeria so far? How much has lack of electricity cost the economy per day? How much do our politicians steal per year? These are the sort of things we want to know Mr Pat Utomi..

    • Don_sylvestre (Sodas&Popcorn)

      April 29, 2014 at 11:47 am

      The fact that other more important parts of the economy is suffering doesn’t mean the man won’t talk about the Entertainment industry’s suffering. He has every right to air his views. 2 billion dollars is no joke. That’s 320 Billion Naira. Imagine that money going to the rightful owners who have worked hard in the Nigerian economy, wouldn’t that affect their lives positively?

    • TT

      April 29, 2014 at 12:09 pm

      I am tried of these facts that we keep hearing!! Losing money here, losing money there! Am I the other one tired of these losses?????

    • Loosh

      April 29, 2014 at 12:14 pm

      Bros/Sis
      The event determines the topic of discuss. Don’t be in a rush to throw shots. Try to understand the essence of the post or the content and the circumstances surrounding it.

  2. Stephanie

    April 29, 2014 at 11:31 am

    Very possible. The question now is how is it stopped?
    blogsvila.blogspot.com

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