Nollywood Generates N126bn, Ranks Third In The World

Nollywood Generates N126bn, Ranks Third In The World

Nigeria’s film industry otherwise known as Nollywood is reported to have generated about N126.4bn ($800m) in the last three years, thus making it the third highest revenue earner in the world, according to the managing director of the Nigerian Export-Import Bank (NEXIM) Robert Orya.

NEXIM has revealed that Nigeria is Africa’s biggest movie producer, with a consistent production of over 2,400 yearly titles in the past threeyears – 2,408, 2,514 and 2,621 in 2008, 2009 and 2010 respectively. A 2011 data from the Nigerian Film and Videos Census Board (NFVCB) indicated that 1,743 and 1,234 movies were respectively registered and approved. The percentages produced in 2012 in the main languages were forty-four percent English, thirty one percent Yoruba, 24 percent Hausa and 1 percent Igbo.

The global film and entertainment industry is reported to have generated a bulk of about N14.3trillion ($90.6billion) revenue in 2010. This is however, projected to increase to N16.2trillion ($102billion) in 2012.

American film industry, Hollywood is ranked first in world, and India’s film industry Bollywood taking second place, leaving Africa’s giant Nollywood in third place 

Related news

What happened when a LASTMA guy toasted a fine girl on the road (photos)

What happened when a LASTMA guy toasted a fine girl on the road (photos)

What happened when a LASTMA guy toasted a fine girl on the road (photos)