Nige­ria’s Nol­ly­wood film in­dus­try reels in for­eign in­vestors

Global Times US Edition - - LIFE -

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

Photo: AFP

A man passes by Nige­rian movie posters at a cin­ema in La­gos on Fe­bru­ary 19.

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