For years, the Nigerian music industry has called for a world-class venue capable of hosting major concerts and festivals. This dream is finally coming true, as Lagos State, known as the “African entertainment capital” and the birthplace of Afrobeats, will be getting its first-ever facility of this calibre.
Construction has officially begun on a 12,000-seat arena, backed by industry giants Live Nation and Oak View Group (OVG). This project is a collaborative effort between Live Nation, OVG, the Persianas Group, and the Nigerian Sovereign Investment Authority (NSIA). Lagos State Governor, Mr. Babajide Sanwoolu, attended the groundbreaking ceremony held on February 24, 2024.
The consortium leading the project includes Tayo Amusan, chairman of the Persianas Group, representatives from NSIA, Live Nation, and OVG; Yinka Folawiyo (chairman of the Yinka Folawiyo Group); and Nigerian investment firms Adino Capital and MBO Capital. The total investment for the arena is expected to exceed $100 million, with construction slated for completion in December 2025.
This state-of-the-art venue aims to host a diverse range of events throughout the year, with an estimated capacity of 200 events annually. This includes major sporting events like UFC, WWE, boxing, and basketball, alongside music concerts, festivals, and prestigious award ceremonies.
“Nigerian artists are some of the most influential in the world right now and yet they have nowhere to play in their home market,” said Tim Leiweke, chairman and chief executive of OVG. “We want to change that. This consortium, headed by Tayo Amusan, has shown enormous tenacity and entrepreneurial spirit in getting this project off the ground and we are proud to be their partner,” he added.
Oak View Group, a company that builds big arenas like the ones in Seattle and New York, is helping build a new one in Lagos, Nigeria. This is great news for Afrobeats fans and the music industry there, who have been wanting a world-class venue for a long time. The new arena will be able to hold concerts, festivals, and other events.
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