Nollywood Economic Outlook 5.0 Unveils Strategies For Industry Sustainability

Industry experts convened at the Nollywood Economic Outlook 5.0, orgnised by The Nollywood Mandate (TNM) last week.

The event addressed the economic challenges and opportunities facing Nigeria’s film industry.

Keynote speaker Victor Mark-Onyegbu, Head of Grants at Africa No Filter, emphasized the crucial role of the creative economy in driving societal change and economic prosperity.

In his address, Mark-Onyegbu, highlighted the interconnectedness of the general economic landscape with the creative economy, stressing the importance of addressing macroeconomic factors affecting the industry.

He drew attention to infrastructure deficits, low investment in movie theatres, and the impact of piracy on revenue streams. Mark-Onyegbu called for concerted efforts to address these challenges, urging policymakers to prioritize the creative economy and incentivize private sector investment.

He emphasized the need for innovative financing models and policy reforms to support the industry’s expansion into global markets. Mark-Onyegbu concluded by urging stakeholders to collaborate, innovate, and invest in the future of Nollywood.

Toke Benson-Awoyinka, Commissioner, Tourism, Arts and Culture, Lagos State commended the organisers for sustaining the engagement in the creative sectors and promoting digital transformation to accelerate the growth of the creative industry.

Adebukola Agbaminoja, Executive Secretary/CEO, Lagos State Film and Video Censors Board, who represented the Commissioner pledged that the state will continue to partner with The Nollywood Mandate in the area of innovation to drive policies.

Prof Olawale Moronkola, Director General/CEO, National Institute for Sports (NIS), a key partner, in his goodwill message remarked on the importance of health and wellness within the industry, emphasizing the need for self-care and preventative measures to sustain creative endeavours.

He explained that the creative industry, with its demanding schedules and intense pressures, often exacts a toll on the physical and mental health of professionals making it incumbent upon creatives to cultivate habits of self-care, wellness, and preventative health measures to fortify resilience and thus be able to sustain creative endeavours.

Fidelis Duker, Founder, Abuja International Film Festival, outlined the necessity for collaborative efforts between government, stakeholders, and the creative community to implement policies that foster growth, protect intellectual property, and provide incentives for investment and innovation.

According to him, “To reshape the future of the Nollywood industry, we must invest in the next generation of filmmakers, storytellers, and creative talents.

“Education and skill development programs, mentorship opportunities, and fostering a culture of creativity and entrepreneurship are essential for nurturing a sustainable and vibrant industry for years to come,” he added.

Jide Awe, CEO, Jidaw.com speaking during the fireside session insisted that
“By embracing digital technologies, Nollywood can unlock its full potential, attracting not only innovation but also investments that can significantly contribute to Nigeria’s GDP. This can be achieved through increased revenue and job creation across various sectors associated with filmmaking, ultimately contributing to economic growth.

Nollywood stakeholders are encouraged to explore new storytelling formats and distribution channels. Invest in people: Develop the skills and talent needed for the digital era.”

Don Pedro Aganbi, convener, TNM, in his welcome address noted that collaboration, innovation and infusion of digital technology was indispensable in the quest to move Nollywood to the next level and ensure it continues to contribute to the nation’s economy.

Other speakers and panelists include; President, Association of Movie Producers, Queen Blessing Ebigieson, Secretary, Board of Trustees, Actors Guild of Nigeria, Sunny Mcdon, Gloria young, Tony Akposheri, Chidi Nwakobia

Others are; Francis Onwochei, Tony Ogbetere, Best Okoduwa, Anita Edwards, Susan Jimah, Ifeanyi Ezekwe, Bukola Thomas, Ijeoma Imo, Effiong Nyong, among others.

The 2024 Nollywood Economic Outlook (NEO) was anchored by veteran actor and producer, Sam Uche Anyamele.

The event highlighted the importance of embracing global best practices, investing in talent and technology, promoting inclusivity, and fostering collaboration across the industry’s value chain. Speakers emphasized the industry’s potential to drive economic growth, job creation, and cultural diplomacy.

The Nollywood Economic Outlook 5.0 provided a roadmap for reshaping the industry, positioning it as a global cultural and economic force, and driving Nigeria’s economic transformation.