In this video, we'll present how Nigeria's Nollywood Became A Multi Billion and World 2nd Largest Film Industry. The Nigerian film industry, also known as Nollywood, produces about 50 movies per week, second only to India's Bollywood—more than Hollywood in the United States. Although its revenues are not on par with Bollywood's and Hollywood's, Nollywood still generates an impressive $1 billion annually.

The Industry is a significant part of the Arts, Entertainment and Recreation Sector in Africa and the African Diaspora. According to Price water house Coopers, Nollywood contributed 2.3% of Nigeria’s Gross Domestic Product in 2016 and the International Monetary Fund currently estimate a 1.3% yearly for the Gross Domestic Product in Nigeria. The industry is one of the priority sectors identified in the Economic Recovery and Growth plan of the Federal Government of Nigeria, with a planned $1 billion in export revenue in the coming years.

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NIGERIA’S BOOMING ENTERTAINMENT INDUSTRY

Nigeria is known as the headquarters of Entertainment in Africa, this African country is probably well known for it’s movies than even oil, so many people don’t even know that Nigeria is an OPEC member, very rarely does an oil rich country become famous for anything other than oil, that industry would have to out sell oil and the Nigerian entertainment industry has definitely been up to the challenge .Nigeria’s media and entertainment industry, “Nollywood,” originated in 1992. It is currently the second most prolific film industry in the world. It is a globally recognized brand for practitioners in film, including script writing, directing, sound, acting, cinematography, make-up, and editing. The industry is located throughout several major production centers like Lagos, Onitsha, Enugu, Asaba, and Abuja. Nollywood was valued at $3.6 billion in 2016 and is projected to be worth $6.4 billion by 2021. The music sector also recorded significant growth over the years.
THE WORTH OF NOLLYWOOD
According to PwC Global Entertainment and Media Outlook for 2020-2024, Nigeria’s media and entertainment industry is one of the fastest growing creative industries in the world. It has the potential to become the country’s greatest export, with projected annual growth rate of 8.6% and a compound annual growth rate or CAGR of 19.3% from 2018-2023. PwC indicates that in 2021, Nigeria’s film industry contributed 2.3% and about 239 billion naira or $660 million to GDP and projects that the industry will increase its export revenue earnings to over $1 billion. The motion picture and music recording industry exceeded 2020 projected $806 million revenue contributing about 730 billion naira $1.8 billion to the country’s GDP.

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