The Nigerian film industry, popularly called Nollywood,which is regarded as the third largest in the world in terms of films produced,has no doubt contributed immensely to the nation’s economy and GDP. In a recent statistics released by the National Bureau of Statistics (NBS),it was gathered that the film industry in 2014 grew by 13% (from 33-46%) in terms of films produced and other activities with noticeable shift on emphasis towards the technology – driven sectors.
As also contained in the report by NBS,the Nigerian film industry, Nollywood,accounted for 1.4% of the nation’s Gross Domestic Product (GDP), which in actual figures was $7.2B in gross earnings. It is also stated that an estimated one million people are directly or indirectly involved in the industry in areas such as Information Technology (IT), music,online sales and distribution and telecommunications.
The film industry through distributing and screening of motion pictures has become the second largest employer of labor to a number of teeming Nigerians after the government. The Nollywood as a digital- driver has played a major role in the nation’s economy over the years through the following areas;
- Higher levels of Internet access to help assist the industry and Nigeria as a whole.
- An increase in demand for programming which also provides new opportunities for content providers/producers.
- Consequently, cable and Pay-TV are expected to project upward by 24.4% by 2018 with Nigeria expected to have been digitally compliant by 2015 (which she is yet to achieve) by a 2006 International Telecommunications Union agreement as brokered by the United Nations (UN).
- Growth in homegrown contents through content providers/producers like iROKOtv and other distribution channels for Nollywood films. These homegrown content providers/producers pay as much as $10,000 – 20,000 to film makers and by extension Nollywood for the digital rights to stream content online for a period of time.
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