In this video, we’ll present how Nigeria’s Nollywood Became A Multi Billion and World 2nd Largest Film Industry. The Nigerian film industry, also known as Nollywood, produces about 50 movies per week, second only to India’s Bollywood—more than Hollywood in the United States. Although its revenues are not on par with Bollywood’s and Hollywood’s, Nollywood still generates an impressive $1 billion annually.
The Industry is a significant part of the Arts, Entertainment and Recreation Sector in Africa and the African Diaspora. According to Price water house Coopers, Nollywood contributed 2.3% of Nigeria’s Gross Domestic Product in 2016 and the International Monetary Fund currently estimate a 1.3% yearly for the Gross Domestic Product in Nigeria. The industry is one of the priority sectors identified in the Economic Recovery and Growth plan of the Federal Government of Nigeria, with a planned $1 billion in export revenue in the coming years.
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