Nigeria’s film industry, Nollywood, stands as a pillar of African storytelling, culture, and economic potential, capable of delivering over 200% returns with the right investments.
However, its growth is hindered by piracy, which highlights a deeper issue: the lack of robust distribution infrastructure necessary to fully monetize its demand.
At the recent African Film Finance Forum (AFFF) in Lagos, industry experts highlighted how piracy—often seen solely as a threat—actually points to a supply-side issue that requires immediate attention.
“Piracy proves there is demand; the issue lies in supply,” explained Barrister Isioma Idigbe, Partner at Punuka Attorneys & Solicitors. “Without strong distribution channels, we’re failing to fully monetize the market’s appetite for Nollywood content.” he noted.
Moses Babatope, CEO of NILE Group, shared that while streaming platforms created excitement around Nollywood in recent years, their recent pullback serves as a reminder of the industry’s reliance on traditional distribution models like cinemas.
“We got carried away by the streaming bubble,” he noted. “But the reality is that cinemas remain the cornerstone of sustainable film industries globally.”
Babatope highlighted the resilience of the Nigerian box office, which has seen significant growth despite macroeconomic challenges.
“In 2024, we’re looking at N12 billion to N13 billion in box office revenue, with local films accounting for over 55% of this.
“That’s a historic milestone, but it’s clear we need to bring cinema closer to underserved audiences if we’re to sustain this momentum,” he said.
He also stressed the need for localized solutions, such as leveraging existing community centers and youth clubs to make cinema more accessible and affordable.
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The consensus among panelists was that Nollywood’s future depends on a balanced approach to funding, with equal emphasis on production and distribution.
Ben Murray-Bruce, Founder of the Silverbird Group, called for increased government support.
“The film industry isn’t just about entertainment—it’s a critical value chain like manufacturing,” he said.
Murray-Bruce urged financial institutions to prioritize funding for cinemas, arguing that doing so would create jobs, drive economic growth, and make Nollywood more resilient.
“If the government can fund non-performing refineries, it can certainly invest in an industry with a return on investment potential,” he added.
- Mary Ephraim-Egbas, convener of AFFF, echoed these sentiments, stressing the importance of collaboration between the entertainment and financial sectors. She also emphasized partnerships with telecom companies to expand distribution and combat piracy.
“The African film industry generates over $20 billion annually, employing thousands of people,” Ephraim-Egbas noted. “This is the right time to bridge gaps in the value chain and unlock Nollywood’s full potential.”
- Idigbe concluded with a broader perspective, comparing Nigeria’s challenges to those of Brazil and South Africa, where foreign content dominates.
- However, she showed an opportunity for Nigeria to become a hub for international production, particularly as global markets look to reduce costs.
“We have the talent, the audience, and the demand,” Idigbe said. “What we need now is an ecosystem that supports distribution, making it easier for Nigerians to access and enjoy local content while ensuring investors see meaningful returns.”
- By addressing the supply-side constraints highlighted by piracy, Nollywood can move from being a rising star to a global powerhouse in the entertainment industry.
