Japanese politician, Yoshihide Suga, has once said: “A strong economy is the source of national strength.”
Practically, there is no country that can progress without a good economy. Like its counterparts, Nigeria is greatly blessed with various industries that are impacting the country’s economy in their capacities.
These include: Information and Communications Technology, Banking, Healthcare, Utility, Consumer Goods, Oil and Gas, Entertainment
Agriculture, Construction, Hospitality and Tourism.
While the activities of all of these industries have always been an integral part of Nigeria’s Gross Domestic Product (GDP), the entertainment industry has proven to be one of the top contributors.
…How The Entertainment Industry Is Shaping Nigeria’s Economy
According to Statista, Nigerian entertainment in 2021 aided the country’s GDP, adding about 0.18% to it. Facts obtained also from PwC showed that the Nigerian movie industry contributed about 2.3% to the country’s GDP in 2015. The said 2.3% is about N239 billion.
International Monetary Fund ascertained that the contribution of the entertainment industry to Nigeria’s economy is about 1.45% of GDP.
Nigerian movies are rated among the best globally. The industry has grown over the years to the extent of receiving international recognition, as well as raking in heavy revenue. Nigeria’s entertainment business (Nollywood) is currently the world’s second-largest film industry.
Industry Worth – Verifiable sources established that the Nigerian entertainment industry was worth $3.6 billion in 2016 and $6.4 billion in 2021.
The sector is said to have contributed about 2.3 per cent and $660 million to the country’s GDP in 2020.
Though there were shortcomings in the Hausa films sector (Kannywood) as it is faced with marketing challenges, yet it still contributes to its quota.
Reports have confirmed that Nigerian movies are considered one of the country’s major exports. Improved storytelling and high quality of production shown in the new generation of Nigerian films have resulted in this profit as movies continue to break records.
Revenue generation – While its counterparts are bringing huge returns to the nation’s purse, the entertainment industry has been undeniably raking in millions of revenue for the country.
From the list of ten, Funke Akindele-Bello’s “Omo Ghetto: The Saga” so far is said to be the highest-grossing Nigerian film of all time.
According to the Cinema Exhibitors Association of Nigeria (CEAN), the 2020 comedy film grossed over N636 million, ending the four-year record by Kemi Adetiba’s 2016 film “The Wedding Party” with N453 million.
The top ten highest-grossing Nigerian films according to Wikipedia so far are:
1 – Omo Ghetto: The Saga – The movie produced by Funke Akindele in 2020 raked in total revenue of N636,129,120
2 – The Wedding Party by Kemi Adetiba in 2016 raked in N452,288,605
3 – The Wedding Party 2 – produced by Niyi Akinmolayan in 2017 raked in N433,197,377 in revenue
4 – Chief Daddy by Niyi Akinmolayan in 2018 raked in N387,540,749
5 – King of Thieves by Adebayo Tijani in 2022 has also raked in N320,805,150
6 – Sugar Rush released in 2019 by Kayode Kasum raked in N287,053,270 in revenue
7 – Christmas in Miami by Robert Peters in 2021 have raked in N265,583,000
8 – King of Boys – popular production by Kemi Adetiba in 2018 raked in N244,775,758
9 – Based on ranking, Merry Men: The Real Yoruba Demons produced by Gush Media Toka Mcbaror in 2018 raked in N235,628,358
10 – Merry Men 2: Another Mission produced by Moses Inwang in 2019 raked in N234,505,169 in revenue.
These films and more make room for tons of revenues from special screenings, DVD sales, online streaming and theatrical screenings outside English-speaking West Africa.
Nollywood Jobs – directly or indirectly, the Nigerian movie sector popularly known as ‘Nollywood’ has provided millions of dollars to the nation’s economy and numerous direct jobs.
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