Industry experts convened at the Nollywood Economic Outlook 5.0, organised by The Nollywood Mandate (TNM) last week to address the economic challenges and opportunities facing Nigeria’s film industry. Head of Grants at Africa No Filter, Victor Mark-Onyegbu, who was the keynote speaker, emphasised the crucial role of the creative economy in driving societal change and economic prosperity.
He highlighted the interconnectedness of the general economic landscape with the creative economy, stressing the importance of addressing macroeconomic factors affecting the industry.
Mark-Onyegbu drew attention to infrastructure deficits, low investment in movie theatres, and the impact of piracy on revenue streams. He called for concerted efforts to address these challenges, urging policymakers to prioritize the creative economy and incentivize private sector investment.
He emphasised the need for innovative financing models and policy reforms to support the industry’s expansion into global markets. Mark-Onyegbu further said that, by urging stakeholders to collaborate, innovate, and invest in the future of Nollywood.
Lagos State Commissioner for Tourism, Arts and Culture, Toke Benson-Awoyinka commended the organisers for sustaining the engagement in the creative sectors and promoting digital transformation to accelerate the growth of the creative industry.
Executive Secretary/CEO, the state Film and Video Censors Board, Adebukola Agbaminoja, who represented the commissioner, pledged that the state will continue to partner with TNM in the area of innovation to drive policies.
In his goodwill message, the Director General/CEO of the National Institute for Sports (NIS), Prof Olawale Moronkola emphasised the importance of health and wellness within the industry, and 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.
Founder of Abuja International Film Festival, Fidelis Duker 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”.
During the fireside session, CEO of Jidaw.com, Jide Awe, said: “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”.
Welcoming the participants, Convener of TNM, Don Pedro Aganbi 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 included President of the Association of Movie Producers, Queen Blessing Ebigieson; Secretary of the Board of Trustees, Actors Guild of Nigeria, Sunny Mcdon; Gloria Young, Tony Akposheri, Chidi Nwakobia, Francis Onwochei, Tony Ogbetere, Best Okoduwa, Anita Edwards, Susan Jimah, Ifeanyi Ezekwe, Bukola Thomas, Ijeoma Imo, and Effiong Nyong.
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.
Photo – TNM-3: Cross section of speakers at the 5th Annual Nollywood Economic Outlook (NEO2024)
Photo – TNM-Jide:: L-R; Don Pedro Aganbi, Convener, Nollywood Economic Outlook, Ijeoma Imo, Actress, and Jide Awe, CEO, Jidaw.com, after a Fireside Chat Session at the 5th Annual Nollywood Economic Outlook (NEO2024)
