Skip to main content


Nollywood industry generates about $1b yearly, says Afreximbank

Nigeria’s film industry, popularly called Nollywood, generates between $500 million and $1 billion yearly in revenue. It also employs about 300, 000 people and more than one million people indirectly.
The Senior Manager, Intra-African Trade Initiative, African Export-Import Bank (Afreximbank), Gainmore Zanamwe, who spoke at the 47th Annual General Meeting (AGM) of the Manufacturers Association of Nigeria (MAN) in Lagos, said  Nollywood movies are patronised across the continent and outside the continent by the Diaspora.
He said Afreximbank was working with partners in the creative industry to boost export of Nigerian and African movies, music, fashion and other creative works.

Read Also: Afreximbank chief seeks specialised agency for AfCFTA

Zanamwe said the bank does this by providing financing products and trade facilitation services. He added that the bank was also developing a technology platform for aggregation and distribution of high-quality Nigerian and African content – music, video, and movies.
Nollywood is globally recognised as the second largest film producer in the world. It is a significant part of the arts, entertainment and recreation sector, which contributed 2.3 per cent that contributed N239 billion to Nigeria’s Gross Domestic Product (GDP) in 2016, for instance.
Zanamwe said the creative industry is one of the key growth areas of interest to the bank’s Diaspora strategy.
Others include ethnic foods, textiles, tourism, and manufactures. He said, for instance, Nigeria’s trade in ethnic foods with the United States is estimated at between $500 million and $1 billion.
According to him,  the bank’s Diaspora strategy provides various ways in which diaspora resources (both financial and expertise) can be mobilised for the promotion of intra-African trade and the development of Africa through investments, trade links, skills, and technology transfer.
Apart from Afreximbank, the Federal Government also identified Nollywood as one of the priority sectors in its Economic Recovery and Growth Plan (ERGP), with a planned $1billion in export revenue by 2020.
However, for this to happen, experts at PricewaterhouseCoopers (PwC Nigeria) say challenges would have to be addressed to take Nollywood to the next phase. They listed the challenges to include financing, infrastructure, copyright infringements and piracy, capacity, and taxation.
PwC’s team of experts led by Partner, Entertainment Leader, Mr. Femi Osinubi, in their report titled: PwC’s Global Entertainment & Media Outlook 2017 – 2021 said, for instance, the Nollywood of the future will be one where there is alternative funding mechanisms, accurate data collection and tracking of revenue.

Comments

Post a Comment

Popular posts from this blog

Toke Makinwa, Tell The Young Ones How You Make Your Money – Yomi Black Insists

Nollywood producer Yomi Black, in his response to the reply he got from Toke Makinwa, has insisted that she needs to tell people her source of income. Taking to his Instagram page, Yomi mentioned that though he acknowledged the fact that the OAP is quite hardworking and that they had run some projects together in the past, but she needs to tell the young ones how she makes her money. He wrote: On this issue, I would like to say I understand why Toke responded the way she did. The bloggers set a trap for her and she fell for it. I admit I saw Soji Ogunaike’s comment on Instablog and I thought it was very interesting, especially since Soji dared her to show how she made a living. I shared it because I really thought there was a lesson there. In the post I made it clear that it was copied from Soji Ogunaike, but the bloggers reported the story and cropped out the credit to insight a war between Toke and I. They even made the headlines more interesting by saying I (Yomi...
Post a Comment
Read more

“There’s No Explanation Anybody Can Give” — Governor Akeredolu Condemns DSS For Invading Courtroom To Arrest Sowore

Governor Rotimi Akeredolu has condemned the invasion of the courtroom by Department of State Services (DSS) to rearrest #RevolutionNow convener, Omoyele Sowore on Friday December 6. Though the DSS and the Presidency have shared their own account of the incident, the Governor of Sowore’s home state insisted that there is no explanation anyone can give to justify the invasion of the courtroom. Akeredolu also expressed fear of lawyers being arrested in the middle of court sessions. He said; “It should be an anathema to the bar that inaction has come upon us. The bar needs to talk on quite a number of things. “We must be terror against demagogues. It is when your voice of the bar is heard consistently that it will earn respect. Will people go and desecrate our courtrooms and we keep quiet? The bar must condemn it. There is no explanation anybody can give you. “Somebody calls it drama. Drama! How? What we saw was not drama, you must stand up to condemn the SSS for what they...
Post a Comment
Read more

Mad o 'President Buhari Reacts As Punch Changes President’s Title To ‘Major General’

The Presidency has reacted to the decision by Punch Newspaper to henceforth refer to President Muhammadu Buhari as General Buhari. In a notice titled “Buhari’s lawlessness: Our Stand”, Punch stated that it will “henceforth prefix Buhari’s name with his rank as a military dictator in the 80s ‘Major General’ and refer to his administration as a regime until they purge themselves of their insufferable contempt for the rule of law. The newspaper made the decision while making reference to DSS non-compliance to court orders on trial of Omoyele Sowore, publisher of SaharaReporters; invasion of courtroom and trial of Shiites’ leader, Ibrahim El-Zakzaky amongst others. Punch said its decision shows its protest against autocracy and military-style repression under Buhari’s administration. However, in reaction to Punch’s decision, Femi Adesina, a Senior Special Assistant to the President on Media and Publicity, said the newspaper’s decision to call Buhari ‘Major General’ is not out ...
Post a Comment
Read more