Why Nollywood Is the Second Largest Goldmine in Nigeria

The Nigerian movie industry, Nollywood has grown rapidly in the past decade, and this growth has earned the country a global respect. Nollywood, produces about 50 movies per week, second only to India’s Bollywood—more than Hollywood in the United States.

In earlier times, Nollywood movies were more homely and traditional but now the industry has spread its wings to other genres like action, animations, and even horror movies. It has evolved over the years thereby creating countless opportunities for entertainers. Below are five real facts about Nollywood that you should know.

1. Nollywood produces about 2,500 movies in a year. Although it is not as lucrative as Hollywood or Bollywood, it is famous for its abundance under much more limiting situations.

2. Early Nollywood films were brief, with awful production quality, and repeated storylines. However, thanks to better quality production and findings, the film industry is the largest sector after agriculture, making up 5% of Nigeria’s GDP.

3. Nollywood has amassed fans in Africa and internationally, opening countless opportunities for the young and old; like Jason Njoku who is the founder of Iroko TV, Africa’s largest distributor of Nigerian movies.

READ ALSO: My Children in the Movie Industry- Jide Kosoko

4. You do not have to be an actor to succeed in Nollywood. There are opportunities for scriptwriters, directors, producers, on-set production workers, and many more. The Nigerian film industry is undoubtedly creating jobs in a country with an economy that relies mainly on oil and agriculture.

5. According to the British Broadcasting Corporation, producing a film in Nigeria costs between $25,000 and $70,000. This is relatively low compared to the amount of money Hollywood and Bollywood spend on movies. So, producing a movie is cost-effective and can fit into a budget that will work best for you.