The Blockbuster Named NOLLYWOOD
POPULARLY KNOWN AS Nollywood, Nigeria’s film industry is the world’s second-largest producer of commercial cinema, and also accounts for 5% of Nigeria’s GDP. It is estimated that over 2,500 movies are produced each year in Nollywood with the industry employing more than a million people. Ingenuity and resourcefulness have always been a trademark of Nollywood, from homemade movies to ground-breaking blockbusters over the past decade. But the industry is not without its share of controversies. On the one hand, you have the never-say-die attitude of Nigerians combined with the glitzy and glamorous red-carpet events with celebrities attracting multi-million-naira brand endorsements. But underneath the industry is characterized by a lack of funding and piracy, which has consistently robbed filmmakers of their revenues. But Covid-19 has led to a halt in Nollywood production decimating millions of dollars in earnings for the industry. The pandemic’s arrival has led to producers looking at new ways of staying afloat as well as focusing on higher-quality movies for streaming giants like Netflix and Amazon who are hoping to take a slice of the 200-million content market. FORBES AFRICA spoke with three of the key players in Nollywood to find out about the current state of the industry and what trends will affect its future.
