The revenue generating potential of Nigeria’s film industry otherwise
known as Nollywood, was once again brought to the fore as the managing
director of the Nigerian Export Import Bank (NEXIM), Robert Orya
disclosed that the industry generated about N126.4bn ($800m) in the last
three years, thus making it the third highest movie revenue earner in
the world.
With a consistent production of over 2,400 yearly titles in the past
three years – 2,408; 2,514; and 2,621 in 2008, 2009 and 2010
respectively, NEXIM has revealed that Nigeria is Africa’s biggest movie
producer. A 2011 data from the Nigerian Film and Videos Census Board
(NFVCB) indicated that 1,743 and 1,234 movies were respectively
registered and approved. The percentages produced in 2012 in the main
languages were English (44%), Yoruba (31%), Hausa (24%) and Igbo (1%).
Meanwhile, the global film and entertainment industry is reported to
have raked in about N14.3trillion ($90.6billion) revenue in 2010, with
an increased projection of N16.2trillion ($102billion) in 2012.
In global rankings, Hollywood still sets the pace closely followed by India’s Bollywood with Nollywood coming in at third place.
-Nigerian Entertainment Today
