THE NIGERIAN FILM INDUSTRY

The Nigerian Film Industry, as acknowledged by UNESCO is the fastest growing Film Industry in the world. The sub-sector is a vibrant, dynamic and thriving element of the Creative Industry that has become a significant cultural and economic force in Africa and has gained international recognition for its unique storytelling and production quality. The Nigerian Film Industry otherwise known as Nollywood is the second largest Film Industry in the world in terms of output, producing over Two Thousand, Five Hundred (2,500) films annually.

The Film Industry has emerged as a global phenomenon, captivating audiences with its diverse narratives, Creative and cultural richness which has continued to play a significant role in promoting and showcasing our African culture, heritage, traditions, and societal values to the international community. Some of the outstanding qualities of Nigerian films that has made it enviable among nations includes; educational value and cultural exchange, unique visual style and production techniques, accessibility and availability, emotional connection and shared humanity as well as strong female characters and empowering narratives, and cultural display tool amongst others.

Over the years, the Nigerian Film Industry has been a major contributor to the Nigerian economy, creating employment opportunities as well as generating revenue through film production, distribution and exhibition. It is pertinent to note that the Film Industry holds immense potential for socio-economic growth and development, innovation in infrastructural development and with the priority being given to the Creative Economy sector by the present Administration of President Bola Ahmed Tinubu GCFR, the Industry will continue to make significant contributions to the Art, Culture and the Creative Economy of Nigeria.

There is no doubt that the Industry has continued to evolve and adapt to changing trends in technology and audience preferences through its co-production with other international Film Industries which is being facilitated by the Federal Ministry of Art, Culture and Creative Economy through signed Memorandum of Understanding on Film Co-production with other nations in order to enlarge its scope and build capacity/capability of the stakeholders. This collaboration with international partners and exploration of co-production opportunities is expected to enhance global reach and have a positive impact on Nigerian films.

In addition to the above, it is imperative to note that the Nigerian Film Industry which has been privately funded for several decades has witnessed a lot of challenges such as piracy, limited funding, talent development, infrastructure deficit, regulation, distribution e.t.c which has impacted on its level of growth, development and production and if not addressed, will continue to cause set back to the Industry in particular and the Nigerian economy in general.

To this end, the Federal Government has initiated the following programmes and intervention to stimulate growth and youth development through the sub-sector:

• CBN Creative Initiative Funding;
• Bank of Industry (Nollyfund);
• Investment in Digital and Creative Enterprises Programme (IDiCE) etc.

 Nevertheless, with the set target for the Creative sector by the present Administration to generate over $100,000,000,000.00 (One Hundred Billion Dollars) revenue for the Federal Government, there is need for strategic investments in infrastructure, training programmes for filmmakers as well as policies that will support the growth of the Industry.