Afrobeats driving investment in Lagos event venues – Chude Jideonwo

Afrobeats is attracting investment into large event venues, as investors increasingly recognise the revenue potential of Nigeria’s live entertainment industry.

Speaking on Nairametrics TV’s Coffee Table with Ugo Dre, Jideonwo explained that investors had previously been reluctant to finance large entertainment venues because of uncertainty over their profitability.

However, he said the international success of Afrobeats artists, particularly their ability to fill stadiums abroad, is changing investor perceptions of the market.

Jideonwo also disclosed that he was considering investments in entertainment infrastructure as his investment fund expands. Although the fund primarily supports creators, he said he was interested in other commercially viable opportunities across the media and entertainment industry.

Detty December demonstrates entertainment spending power

Jideonwo explained that investors previously overlooked event venues because they lacked sufficient evidence of their profitability.

• “The venues didn’t make money because investors didn’t see venues making money. It was Afrobeats that made it a proposition,” he said.

He described Detty December as a major indicator of the Nigerian creative industry’s ability to generate foreign-currency-linked spending.

• “This Detty December is a massive proof point for the dollarized capacity of Nigeria’s creative industry,” Jideonwo added.

He said visitors were already coming to Lagos before December for fashion, design and art events, including ART X Lagos. For him, how busy the city gets in November is an early indication of how the December season could perform.

• He also argued that the fees commanded by artists such as Asake indicate that their international teams believe the Nigerian market can support them. Responding to complaints about the cost of December events, he said, “How do people think markets are developed? It’s by more money.”

Jideonwo acknowledged that some of the money generated by the industry flows abroad. Even so, he sees the willingness of visitors to return and spend as evidence that Lagos can sustain a bigger live entertainment market.

Institutional capital could transform event venues

Jideonwo pointed to the renovated National Theatre as an example of how a large venue can serve different audiences. He recalled seeing the venue’s halls in use during the Moonshot conference, where he spoke.

• “Every single hall in the National Theatre was engaged,” he said.

For Jideonwo, the next test is whether venue operators can turn that demand into a profitable business. He said investors would be more likely to follow once they saw an operator making money. He also argued that institutional backing could improve a venue’s chances of success by imposing greater financial and operational discipline.

• “Institutional capital forces you to be operationally disciplined,” he said.

Asked whether he would invest in venues himself, Jideonwo said the scope of his fund could widen over time.

• “The fund is primary for creators, but as the pool expands, I’m looking for anything that I know will make money in my sector,” he said.

Lagos entertainment spending reaches N129.55 billion

Landmark Group is already testing the investment case Jideonwo outlined. Chief Executive Officer Paul Onwuanibe told Nairametrics that demand for concerts and festivals during Detty December helped shape plans for the proposed 20,000-capacity Dream Theatre in Lagos.

He said major events at the former Landmark Beach drew between 10,000 and 13,000 people, giving the company a basis for investing in a purpose-built venue alongside its retail and hospitality offerings.

The seasonal spending figures help explain that interest. Entertainment and nightlife accounted for an estimated N129.55 billion, nearly a third of the N396.54 billion spent by consumers during Lagos’ 2025 Detty December season, according to a report by MO Africa Co.

Diaspora visitors accounted for an estimated 55% of total spending over the 55-day festive period, lending weight to Jideonwo’s point about the purchasing power of Nigerians returning home.

Conferences offer another source of bookings for large venues outside the peak December concert season. The renovated National Theatre, now the Wole Soyinka Centre for Culture and Creative Arts, hosted CANEX WKND 2026 in November. The event drew a reported 17,000 registered participants and hosted the signing of Afreximbank’s equity investment in D’banj’s CREAM platform.