Nigeria’s movie business, Nollywood, stands as a pillar of African storytelling, tradition, and financial potential, able to delivering over 200% returns with the correct investments.
Nonetheless, its development is hindered by piracy, which highlights a deeper problem: the dearth of strong distribution infrastructure crucial to totally monetize its demand.
On the current African Movie Finance Discussion board (AFFF) in Lagos, business specialists highlighted how piracy—usually seen solely as a menace—truly factors to a supply-side problem that requires fast consideration.
“Piracy proves there’s demand; the problem lies in provide,” defined Barrister Isioma Idigbe, Companion at Punuka Attorneys & Solicitors. “With out robust distribution channels, we’re failing to totally monetize the market’s urge for food for Nollywood content material.” he famous.
Moses Babatope, CEO of NILE Group, shared that whereas streaming platforms created pleasure round Nollywood in recent times, their current pullback serves as a reminder of the business’s reliance on conventional distribution fashions like cinemas.
“We obtained carried away by the streaming bubble,” he famous. “However the actuality is that cinemas stay the cornerstone of sustainable movie industries globally.”
Babatope highlighted the resilience of the Nigerian field workplace, which has seen vital development regardless of macroeconomic challenges.
“In 2024, we’re taking a look at N12 billion to N13 billion in field workplace income, with native movies accounting for over 55% of this.
“That’s a historic milestone, but it surely’s clear we have to carry cinema nearer to underserved audiences if we’re to maintain this momentum,” he stated.
He additionally confused the necessity for localized options, reminiscent of leveraging current neighborhood facilities and youth golf equipment to make cinema extra accessible and reasonably priced.
Extra insights
The consensus amongst panellists was that Nollywood’s future depends upon a balanced strategy to funding, with equal emphasis on manufacturing and distribution.
Ben Murray-Bruce, Founding father of the Silverbird Group, referred to as for elevated authorities assist.
“The movie business isn’t nearly leisure—it’s a vital worth chain like manufacturing,” he stated.
Murray-Bruce urged monetary establishments to prioritize funding for cinemas, arguing that doing so would create jobs, drive financial development, and make Nollywood extra resilient.
“If the federal government can fund non-performing refineries, it could actually put money into an business with a return on funding potential,” he added.
- Mary Ephraim-Egbas, convener of AFFF, echoed these sentiments, stressing the significance of collaboration between the leisure and monetary sectors. She additionally emphasised partnerships with telecom firms to increase distribution and fight piracy.
“The African movie business generates over $20 billion yearly, using 1000’s of individuals,” Ephraim-Egbas famous. “That is the correct time to bridge gaps within the worth chain and unlock Nollywood’s full potential.”
- Idigbe concluded with a broader perspective, evaluating Nigeria’s challenges to these of Brazil and South Africa, the place overseas content material dominates.
- Nonetheless, she confirmed a possibility for Nigeria to grow to be a hub for worldwide manufacturing, notably as world markets look to cut back prices.
“We’ve got the expertise, the viewers, and the demand,” Idigbe stated. “What we want now’s an ecosystem that helps distribution, making it simpler for Nigerians to entry and luxuriate in native content material whereas guaranteeing traders see significant returns.”
- By addressing the supply-side constraints highlighted by piracy, Nollywood can transfer from being a rising star to a world powerhouse within the leisure business.
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