The Federal Government on Friday described the estimated N10.3 trillion loss to national and global piracy in the creative industry as unacceptable.
The Minister of Information and Culture, Alhaji Lai Mohammed said this when a delegation from the Performing Musicians Employers Association of Nigeria (PMAN) visited him in Abuja.
Mohammed said the figure, which represented 85 per cent of the N15 trillion worth of the industry, could turn the economy of the nation around if piracy was addressed.
The News Agency of Nigeria (NAN) reports that the minister lamented the trend where about 92 per cent of music and video productions by Nigerian artistes were done mostly in South Africa, Europe and America.
He said the government would work with the association to stop piracy and provide the enabling environment for the creative industry to thrive.
He insisted that government would encourage investments in the creative industry.