Nollywood: A flourishing Film Industry & a guiding light for entertainment in Africa
Nollywood is Nigeria’s premier industry after the recent emergence of Nigerian influenced afro beats. The movie making sector is a rich sector to invest in while still at its growth stage, support services such as marketing and online services will also see a crucial development phase.
The Nigerian film industry is undoubtedly helping create jobs in a country with an economy that relies mainly on oil and agriculture. Over a million people are currently employed in the industry, making it the country’s largest employer after agriculture. Although Nigeria’s economy will grow by 7% this year, according to the African Development Bank, insufficient jobs for a growing youth population continue to be a huge concern.
One million new jobs
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 $590 million annually.
Believing that if the industry is properly managed, a million more jobs could be created in the sector. Following on from this encouraging information the World Bank is currently assisting the Nigerian government to create a Growth and Employment in States project to support the entertainment industry, along with other industries.