Lagos state and Nigerian entertainment is set to get a major infrastructure boost.
Stakeholders in the Nigerian music industry have over the years restated the need for a world-class arena that can host music concerts and entertainment festivals.
Lagos State which is the African entertainment capital and the spiritual home of Afrobeats is set to get its first world-class infrastructure with work commencing at the 12,000 capacity Arena backed by Live Nation and Oak View Group.
The project is a partnership between Live Nation, OVG Persianas Group, and the Nigerian Sovereign Investment Authority (NSIA). The Lagos State governor Mr. Babajide Sanwoolu was present at the groundbreaking ceremony that was held on Saturday, February 24, 2024.
The consortium delivering the project includes Persianas Group chairman Tayo Amusan, the NSIA, Live Nation, and OVG. Other partners include Yinka Folawiyo, chairman of the Yinka Folawiyo Group, Nigerian investment fund Adino Capital and MBO Capital.
Excess of $100m is expected to go into the Arena which which is slated for completion in December 2025.
The arena is expected to be capable of hosting 200 events annually including UFC, WWE, boxing and basketball events, music concerts, festivals, and award ceremonies.
“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.
OVG’s arena portfolio includes Climate Pledge Arena in Seattle, UBS Arena in New York, and Moody Center in Austin. In April, the company will open the 23,500-capacity Co-op Live in Manchester, which will become the largest arena in the UK.
The Arena is particularly a welcome development to the Nigerian music industry where there has been a clamouring to partner with the government and the private sector for the building of a world-class facility that can host Afrobeats fans from around the world.