The Nigerian film industry, also known as Nollywood, produces approximately 50 films per week, ranking second only to India’s Bollywood and producing more films than Hollywood in the United States. Although its revenues are not as high as those of Bollywood and Hollywood, Nollywood generates an impressive $590 million per year.
Nollywood films are popular in Africa and among Africans all over the world. The movies became popular during the early 1990s digital revolution, when camcorders replaced 35-millimeter film cameras and digital systems replaced celluloid recording devices. While other parts of the world were adjusting to new digital technology, Nigeria continued to rely on low-cost VHS tapes and players that were easily accessible and affordable to consumers. Eventually, film technology advanced as DVD movies became increasingly popular.
The World Bank is actively aiding the Nigerian government in developing a Growth and Employment in States project to promote the entertainment business, as well as other industries, in the belief that if the industry is effectively managed, a million more jobs and opportunities will be available for living residents.
In 2018, the arts, entertainment, and recreation industry accounted for 0.21 percent of Nigeria’s GDP, worth nearly N270 billion.
The industry earned approximately N87 billion in the first quarter of 2019, accounting for 0.27 percent of the country’s GDP.
The Nigerian box office also contributes significantly; N4.3 billion was realised in 2017 and is expected to grow to N6.4 billion by 2022.
Nigeria has produced movies that have nailed box offices and domestic gross, the number one movie to be produced in Nigeria is called Omo Ghetto: The Saga, this film was released in 2020 and had a domestic gross of N636 million. Following on from that, the movies placed second and third for total domestic gross is The Wedding Party and The Wedding Party 2, both movies reached a total domestic gross of N400-450 million.
The entertainment and media industry is starting to boom in the country, other sectors in Nigeria are starting to improve as well, since more funding and investment is being contributed towards the country, more industries and businesses are starting to open up. For example, reports show that there are more casinos starting to open their doors.
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