{
  "id": 20181932,
  "title": "Afrobeats driving investment in Lagos event venues – Chude Jideonwo",
  "url": "https://urgent.news/2026/11/15/afrobeats-driving-investment-in-lagos-event-venues-chude-jideonwo",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-11-15T14:05:47.000Z",
  "source": {
    "name": "Nairametrics",
    "slug": "nairametrics",
    "url": "https://nairametrics.com/2026/11/15/afrobeats-driving-investment-in-lagos-event-venues-chude-jideonwo/"
  },
  "original_language": "en",
  "account": "Afrobeats is fueling investment in large Lagos event venues, as investors recognize the revenue potential of Nigeria’s live entertainment sector. Chude Jideonwo, an industry expert, explained that previous skepticism about the profitability of such venues has waned due to the international success of Afrobeats artists. Jideonwo, who is considering expanding his investment fund, noted that investors were once deterred by a lack of evidence supporting the profitability of event venues. He pointed to Detty December as a key indicator of the Nigerian creative industry's capacity to generate foreign-currency-linked spending, with attendees flocking to Lagos for fashion, design, and art events, such as ART X Lagos. The bustling city during November serves as an early gauge of the potential success of the December season. While some industry profits may flow abroad, Jideonwo believes the return of visitors and their willingness to spend demonstrates Lagos' ability to sustain a thriving live entertainment market. The National Theatre, after renovation, exemplifies how a massive venue can cater to diverse audiences. Jideonwo emphasized that the real test lies in converting this demand into a profitable business, and investors are more likely to follow once they witness an operator generating revenue. He also suggested that institutional backing could bolster a venue's chances of success by enforcing greater financial and operational discipline. Jideonwo revealed that he might broaden his fund's scope over time, including potential investments in entertainment infrastructure. Landmark Group is already testing the investment strategy outlined by Jideonwo, as they plan to construct a 20,000-capacity Dream Theatre in Lagos, fueled by demand for concerts and festivals during Detty December. This seasonal spending, which accounted for nearly a third of consumer expenditure during the 2025 Detty December season, was primarily driven by Diaspora visitors, who constituted 55% of total spending. This reinforces Jideonwo's assertion about the purchasing power of Nigerians returning home. Conferences held in large venues, such as the recently renovated National Theatre (now the Wole Soyinka Centre for Culture and Creative Arts), also serve as another source of bookings outside the peak December concert season, with CANEX WKND 2026 attracting 17,000 registered participants and the signing of Afreximbank's equity investment in D’banj's CREAM platform.",
  "summary": "Afrobeats is attracting investment into large event venues, as investors increasingly recognise the revenue potential of Nigeria’s live entertainment industry. The post Afrobeats driving investment in Lagos event venues – Chude Jideonwo appeared first on Nairametrics .",
  "key_points": [
    "Afrobeats driving investment in Lagos event venues",
    "Detty December fuels foreign-currency-linked spending",
    "National Theatre renovation showcases venue potential"
  ],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}