Shaping the Events Industry - THISDAYLIVE - 1 views
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An industry that contributes conservatively over N100billion to the Gross Domestic Product (GDP) of Nigeria annually and potentially has about N1trillion in turnover clearly needs to regulate itself.
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This prompted the convener of Events Market Nigeria (EMN), Temitope Amodu, to bring all the players together such as wedding vendors, stakeholders, entrepreneurs, make-up artistes, DJs and Event market enthusiasts among others who gathered for a day of networking, mentoring and discussions on pertinent issues about Nigeria’s ever growing Event industry.
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The 10th edition of the Event Market Nigeria Meet and Greet was the largest free gathering of participants in the Event industry in recent times,
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said a country that has a population for almost 200 million people and a reputation for an ostentatious culture, it is a no-brainer that the events industry is a rough diamond
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to share industry related insights and emphasised the importance of collaboration as the new completion within the event cycle.
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He noted that since people love events and have fun, they look for any excuse to throw a party (it is the only thing that can make people sane in a recession or in a volatile emerging market). Thus, it is a no-brainer to set up a business or be involved in any trade or activity that cashes in on this idiosyncrasy.
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The recent growth in the events industry has contributed to the spontaneous growth in many business verticals e.g. event planning, venue, photography, food and many more services along this massive value chain.
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the hospitality industry has been a source of optimal returns for investors.
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The goal is to create an ecosystem that allows growth and development to take place, one that identifies, creates and drives excellence within the youths and veterans of the event industry.
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It involves studying the brand, identifying the target audience, devising the event concept, planning the logistics and coordinating the technical aspects before actually launching the event.
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Basically, there are two types of events, namely; corporate and social events.
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It is not a very organised industry; particularly because there is no specific legislation regulating this sector of the economy.
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when disputes arise between a professional in the events industry and a client, there are no regulations on the applicable dispute resolution mechanisms
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Protect your business via written contracts, create a proper corporate structure for your business, adhere to the simple principles of corporate governance (e.g. have a board of directors or advisors etc), retain a good audit and tax firm to examine your books annually and make your business tax efficient, retain a legal partner to mitigate your legal risks. Run a business and not a hobby!”
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The focus of the article is to highlight how the event industry is becoming more popular among the hospitality industry in Nigeria. It mentions the events Market Nigeria (EMN) group aims to provide a places that allows for growth and development within the event industry with the newcomers and experienced event planners. The event that was hosted by the EMN, provides free gathering that offer different speakers to offer advice and their experience to those attendees willing to listen. Throughout the article, it states that the country of Nigeria has a population of "almost $200 million people and a reputation for an ostentatious culture", which makes it a perfect place to invest in the event industry. Especially due to the fact that the industry is a source of a more favorable return on investment even though other sources in Nigeria are considered more attractive. What makes the event industry profitable, is the ability to venture with other businesses such as venues, catering, event planning and more. But with all the good, the article does point out the issues such as liability and the lack of rules that are set for the industry. I think that it's an important topic to consider because hotels are implementing a source of revenue with renting out meeting spaces and catering services to outside companies. With more and more events being planned, I think it's a great business to venture in. The ability to have an events department within a hotel or even a restaurant gives the establishment to produce more revenue within other departments. Such as a hotel, the planning of a meeting not only brings in the revenue of the space being rented but also to Food and Beverage with the catering aspect and the front desk with the rooms being occupied by the clients and attendees.