• Sunday, May 19, 2024
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Firm stakes over N200m in talent discovery to boost bottom-line

Firm stakes over N200m in talent discovery to boost bottom-line

Rite Foods, a fast moving consumer goods (FMCG) manufacturer, has staked over N200 million in talent discovery and harnessing of young Nigerians to boost its bottom-line and improve investors’ confidence in the brand.

As part of its equity investment in young talent, the brand also celebrated this year’s International Youth Day (IYD) themed ‘Green Skills for Youth: Towards a Sustainable World’ in alignment with its talent discovery and nurturing among young Nigerians for developmental purposes.

The development has necessitated the use of viable platforms in entertainment (which encompasses music), technology, engineering, and creative arts among others, for the desired impacts, especially in entertainment, which has huge involvement of the youth demographics.

Seleem Adegunwa, managing director, Rite Foods, while speaking on why Bigi is supporting youth focused initiatives like Nigeria Idol and other shows, stated that it is to help discover and nurture young Nigerian singers for a better musical career, and to make the nation proud anywhere they find themselves.

According to him, the sponsorship initiative is also aimed at creating jobs for the youths on the back of the entertainment industry being one of the biggest employment drivers. He stated that by engaging themselves in the musical and entertainment industry, the youth will get involved in the process; thereby expanding opportunities to earn a living through the entertainment industry.

Valued at approximately USD 29.86 billion in 2022 and expected to reach USD 31.83 billion in 2023 and USD 49.56 billion by 2032, the entertainment industry market is characterised by vibrant and ever-evolving growth dynamics, with the emergence of streaming services and digital distribution platforms that has enhanced various leveraging opportunities by content creators to reach wider international audiences.

Read also: MTN commences sixth phase of ICT, business skills training for SMEs

According to Adegunwa, the huge potential in the entertainment industry has led to a diverse range of content offerings and collaborations that have paved the way for musical reality shows where talents are harnessed for meaningful ventures.

“A good example is the Rite Foods’ Bigi sponsored Nigerian Idol musical reality show, which has enabled young Nigerian singers to showcase their musical prowess, after series of audition stages, which leads to the theatre weeks and the real live shows that culminates into a winning process, with the winner clinching millions of naira and other prizes,” Adegunwa stated.

Through Bigi’s support, the Nigerian Idol were made better thereby elevating the talented Balyesa-born singer, Kingdom Kroseide, to stardom as the winner, with the grand prize of N50 million, and other benefits, while Progress Chukwuyem from Delta-State, and Victory Gbakara, both winners of Seasons 7 and 8 respectively, smiled home with N100 million worth of prizes and other packages each.