Nollywood, Nigeria’s movie industry has been estimated to generate between $500 million and $1 billion on a yearly basis in revenue. It also reportedly employs 300, 000 people and more than one million people indirectly.
This was made public by Gainmore Zanamwe, Senior Manager, Intra-African Trade Initiative, African Export-Import Bank (Afreximbank) at the 47th Annual General Meeting (AGM) of the Manufacturers Association of Nigeria (MAN) in Lagos. Zanamwe had noted that Nigeria movies recorded the biggest patronage across the continent and was globally accepted, even in the diaspora.
He added that the Bank was finding ways to collaborate with the creative industry to boost export of Nigerian and African movies, music, fashion and other creative works.
Zanamwe also disclosed that a technology platform for aggregation and distribution of high-quality Nigerian and African content – music, video, and movies was in the works.
Zanamwe explained that the creative industry is of utmost concern to the Afreximbank’s Diaspora strategy. Afreximbank’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.
What you should know: Nollywood is globally recognized 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% that contributed N239 billion to Nigeria’s Gross Domestic Product (GDP) in 2016, for instance.
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 $1 billion in export revenue by 2020.