Live Nation and OVG back Africa’s first arena

Africa’s first purpose-built arena is set to open in Lagos, Nigeria, at the end of next year.

The $100 million arena will have capacity for 12,000 and is projected to host 200 events each year, including concerts, family entertainment, basketball games, UFC fights, boxing matches, WWE shows and more.

The venue will be located on Victoria Island, an affluent area that serves as the main business and financial centre of Lagos.

The consortium delivering the project includes Live Nation, Oak View Group, Tayo Amusan (chairman of real estate company The Persianas Group), the Nigerian Sovereign Investment Authority, Yinka Folawiyo (chairman of the Yinka Folawiyo Group), Nigerian investment fund Adino Capital and MBO Capital. The conglomerate today held a groundbreaking ceremony at the site.

“Nigerian artists are some of the most influential in the world right now and yet they have nowhere to play in their home market,” says Oak View Group chairman and CEO, Tim Leiweke. “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. The arena will also give major brands – both global and local – the chance to showcase to Nigerian audiences for the first time at over 200 electrifying events per year.”

“Nigerian artists are some of the most influential in the world right now and yet they have nowhere to play in their home market”

John Reid, president of Live Nation EMEA, adds: “We are 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. 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.”

While Nigerian superstars such as Burna Boy, Davido and Wizkid continue to fill arenas and stadiums across the world, their home country lacks the venues needed to match their success.

Until now, artists have had to perform at hotel complexes such as Eko Convention Center (cap. 6,000) and Balmoral Convention Center (4,500) in Lagos, according to the Global Arena Guide 2023.

For larger concerts, temporary venues are built in outdoor spaces such as Muri Okunola Park on Victoria Island and Tafawa Balewa Square, a former horseracing track in the centre of the commercial district and the spot where Nigerians celebrated their independence in 1960.

The new Lagos arena will develop ancillary businesses around entertainment and sports and is expected to create over 1,500 direct and indirect jobs.

The first-of-its-kind venue will serve Nigeria’s young and rapidly growing population of over 220 million.

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