Nigerian creative industry records historic growth, hits over N5bn at Box Office

Nigeria’s creative industry has reached an unprecedented milestone, with box office revenue surpassing N5 billion as of September 2024. This achievement was highlighted by renowned actor Dr. Patric Doyle during the 7th Nigeria Diaspora Investment Summit (NDIS) in Abuja, where he moderated a panel discussion on investment opportunities in Nigeria’s creative sector.

Doyle emphasized the remarkable growth in the industry, noting that Nigerian films now contribute 50.4% of box office revenue, surpassing foreign films in local earnings.

“This success is thanks to the exceptional efforts of Nigerian actors, producers, and filmmakers, such as RMD, the lead actor in Blackbook, which is recognized as the most successful African film on Netflix,” Doyle said. He described the panel as an opportunity to attract diaspora investment and build on the industry’s momentum.

Idris Olorunnimbe, founder of The Temple Company and a panelist, underscored the global demand for Nigerian creative products, asserting that they are profitable and offer strong returns on investment.

“The diaspora can invest in infrastructure, skills, and talents in this sector,” Olorunnimbe urged. “The marketplace is data-driven, and with the right partners, investors can achieve profitable outcomes.”

Ayo Animashaun, founder of Hip TV, spoke about the success of Afrobeats as a result of dedication and hard work. He highlighted the need for a Nigerian-owned streaming platform, revealing that Afrobeats generated over $345 million in streaming revenue last year across just two platforms.

“Nigerian artists sell out shows worldwide, and there’s vast potential for investors to support more record labels and create Afrobeats festivals. The opportunities are immense,” Animashaun added.

Niyi Akinmolayan, a Nigerian-Canadian filmmaker, urged stakeholders to collaborate in making Nigerian-made films accessible globally. He encouraged Nigerians in the diaspora to consider filming in Nigeria, noting that the country has the resources, land, and skilled personnel needed for large-scale productions. “There’s no reason why international productions can’t take place here,” Akinmolayan stated.

Veteran Nollywood actor Richard Mofe Damijo (RMD) added that building trust between Nigerian businesses and the diaspora could lead to growth across various sectors, including agriculture and real estate. He also called on the government to support the creative industry with grants and development programs.

Foster Corder, a Hollywood director, encouraged Nollywood stakeholders to invest in marketing and take pride in their content, reinforcing the importance of building a global audience for Nigerian productions.

The Nigeria Diaspora Investment Summit serves as a platform for diaspora investors to support Nigeria’s creative industry and other sectors, fostering talent and driving economic growth for national development.