Nigeria’s Nollywood film industry reels in foreign investors
Nigeria’s film industry, dubbed Nollywood, has long kept viewers entertained with tales of romance and riches, and now foreign investors are increasingly looking for a part of the action.
US giant Netflix and France’s Canal+ are among those making moves in the globe’s second most-prolific film industry, which churns out more than 2,500 films each year and is topped only by India’s Bollywood.
At an event in Nigeria’s economic capital Lagos this week potential investors from France mingled with local directors and politicians as they heard about the possibilities on offer.
“The revenues from the box office rose by 36 percent between 2017 and 2018 from $17.3 million to $23.6 million,” Chijioke Uwaegbute, an expert on the industry at PWC Nigeria, told those gathered.
“Nowhere in the world will you see this kind of opportunities and growth.”
Traditionally, Nollywood films have been low-budget productions, often shot in just a couple of days at a cost of several thousand dollars and marred by poor sound and image quality.
Rampant piracy and the widespread circulation of unlicensed copies has eaten into profits and put off investors
A man passes by Nigerian movie posters at a cinema in Lagos on February 19.