Nollywood Helps Power Nigeria Into Africa's Largest Economy
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Nollywood Helps Power Nigeria Into Africa's Largest Economy

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Nigerian’s movie industry, Nollywood, is a certified $5.1 billion (£3bn) industry and along with other star performing sectors like music, telecommunications and Information technology, combined to muscle Nigeria’s economy into a $509.9bn (£307.6bn) powerhouse thereby over taking South Africa has Africa’s largest basin of economic activity.

The figures validated by the IMF and World Bank captured

Nollywood under “Motion pictures, sound recording and music production valuing

the County’s vast new entertainment sector at $55bn (£33bn). This sector is one of thirteen new

activities that have just been included in Nigeria’s new GDP figures.

What

is surprising, especially for financial observers and analysis is most thought

Nollywood was a $600m industry growing at 14% a year, some even thought it was

still a $250m industry, the value given to it by UNESCO in 2009 but being

validated as a $5.1bn industry as taken even the most optimistic observer by

surprise. For Nollywood and the Entertainment sector to reach a value of $55bn

in just over twenty years is nothing short of a miracle, especially if you

consider that the sector has been mainly driven by very small private sector organisations

and received little to no support from Government.






















All stakeholders now hope that the Nigerian

Government will stop paying lip service to this very important industry that

employs over a million Nigerian’s and is a major foreign exchange earner for

the Country and formulate and implement an effective strategy using the enormous

talent the Country has at home and abroad to drive this valuable industry

forward to even greater heights.

 The other thing of note is Nollywood is a global

film industry with very strong historic, cultural, economic and political roots

in the USA and the UK and for a Company like Talking Drum Entertainment and

others based in the UK who earn substantial income from doing business with

Nigeria’s film sector its time the UK Government along with its lead agency the

British Film Institute took a very careful look at the opportunities this fast

growing industry affords the UK with the aim of exploiting them effectively.

The

new figures for Nollywood along with the overall GDP figures for Nigeria will

be announced shortly by the Co-ordinating Minister for Nigeria’s Economy, Mrs.

Ngozi Okonjo-Iweala. 


Dapo Oshiyemi

Email:

info@talkingdrum-entertainment.com

 Website: www.talkingdrum-entertainment.com

Facebook: Talking Drum Entertainment

Shadow and Act is a website dedicated to cinema, television and web content of Africa and its global Diaspora. With daily news, interviews, in-depth investigations into the audiovisual industry, and more, Shadow and Act promotes content created by and about people of African descent throughout the world.

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