A consortium led by The Persianas Group and the Nigerian Sovereign Investment Authority (NSIA) has broken ground on a new 12,000-seat arena in the Victoria Island neighborhood of Lagos, Nigeria.
The landmark project, estimated to cost $100 million, marks a significant turning point for Nigeria’s entertainment scene. Touted as the “first of its kind” in the country, the arena is envisioned as a dedicated space for major concerts, sporting events, and family entertainment experiences.
The consortium behind the project includes global leaders in live entertainment and sports, including live entertainment company Live Nation Entertainment, Oak View Group, the company behind Manchester’s £365 million (approx. USD $463 million) Co-op Live arena, as well as Tayo Amusan, Chairman of The Persianas Group, and the Nigerian sovereign wealth fund manager NSIA.
Tunde Folawiyo, a Nigerian businessman and Managing Director of the Yinka Folawiyo Group, as well as Nigerian investment fund Adino Capital and MBO Capital, are also part of the consortium.
The project includes the construction of a center for entertainment and sports, with hotel and parking space.
With a youthful and rapidly growing population of over 220 million, Nigeria boasts a vibrant music scene. Afrobeats superstars like Burna Boy, Wizkid, and Davido have achieved success, headlining sold-out shows around the world. However, the lack of a dedicated arena in Nigeria’s largest city has limited the ability to host large-scale events within the country, according to a press release on Monday (February 26).
This new arena aims to bridge that gap. Designed to accommodate over 200 events annually, it promises to be a haven for both local and international artists.
Beyond entertainment, the project offers significant economic benefits. Projected to create over 1,500 direct and indirect jobs, the arena is expected to foster the growth of ancillary businesses and contribute to the continued expansion of Nigeria’s entertainment and sports sectors.
“Project Arena has been a long time coming and it is an honor to bring this project to life,” said Tayo Amusan, Chairman, Persianas Group.
“This project is monumental in supporting Nigeria’s thriving entertainment and sports industry. A state of the art, music-first arena, driven by technology, will allow our artists [to] deliver world-class performances to a home audience, something that has been missing for a long time now. Beyond music, the Arena will also serve as a home for major sporting events including basketball games, UFC among others. This is indeed an exciting time for us all.”
“This project is monumental in supporting Nigeria’s thriving entertainment and sports industry. A state of the art, music-first arena, driven by technology will allow our Artists deliver world-class performances to a home audience, something that has been missing for a long time now.
Tayo Amusan, Persianas Group
The investment comes at a time of growth for the Sub-Saharan African recorded music business, which became the fastest-growing recorded music region in the world in 2022 at 34.7%, according to data from the IFPI. It was the only region to see more than 30% growth in 2022.
Afrobeats continues to top global charts with tracks from Nigerian superstars such as Burna Boy, Wizkid and Davido. In 2023, Grammy-winning Afrobeats star Burna Boy was named as the No.1 most-streamed Nigerian artist of all time on Apple Music. During the same year, he became the first African artist to headline sold-out stadium shows in the UK and US.
Meanwhile, Wizkid became the first African artist to headline a major stage with Davido selling out the O2 arena in the UK for the third time.
Lanre Masha, Director, West Africa at The Orchard, told MBW in December that young Africans are “finding their voices and starting to turn their backs on the idea that the West is the purveyor of all things cool.”
“This brand new 12,000 capacity venue will open up Nigeria to international stars, and Nigerian artists will benefit hugely from having an arena to showcase their talents in front of a home audience.”
John Reid, Live Nation EMEA
“I see more and more kids wanting to be ‘African Giants’ that are ‘Made in Lagos’,” Masha said.
John Reid, President, Live Nation EMEA, said the company is “incredibly excited to be part of the consortium delivering this groundbreaking arena in Lagos. Nigeria and Africa more broadly present massive opportunities to touring artists when it comes to connecting with their global audiences.”
Reid added: “This brand new 12,000 capacity venue will open up Nigeria to international stars, and Nigerian artists will benefit hugely from having an arena to showcase their talents in front of a home audience.”
Music Business Worldwide
