According to a report by
The economic reality of the recent rebasing of
And according to Wikipedia, the nation's re-emergent, though currently underperforming, manufacturing sector is the third-largest on the continent, and produces a large proportion of goods and services for the West African region. Earlier this year,
Eye Opener According to the rebasing exercise, one of the most promising export potentials is the film industry popularly referred to as Nollywood industry.
There is no doubt that the new GDP served as an eye-opener to the enormous potentials in the nation's entertainment industry which economic affairs commentators said would effectively take away pressure from the oil sector if well harnessed. The primary purpose for the rebasing exercise was to reflect more accurately the sectors that were almost non-existent or at their infancy in 1990. These include the music, film industry and telecommunications industry, but to name a few. The telecommunications industry may have drawn the most attention during the GDP rebasing exercise; with MTN, Airtel and Globacom, now synonyms for corporate affluence, as realistic products of the rapid development of an industry that was negligible just two decades ago. Even more impressive is
The FDC's Report It was the same sentiment that reflected in the
On the issue of better quality, it is believed that better quality movies would not only improve the perception of the domestic industry and the country's image, thus attracting foreign investors, but also the revenue accrued from the industry. As a result, tax receipts are expected to increase whilst provisions are made for better-quality jobs for
To draw a line between quantity and quality, the report has it that only
The report by the FDC noted that the movie industry was largely dominated by foreign movies and acts. However, since the 1990s, locally produced and marketed movies have taken prominence as majority of the Nigerian movies audience opt for low-budget movies with captivating stories that are centred on common human values and the West African cultural reality. Similarly, less than a decade ago Nigerian, airwaves were dominated by international songs, and most club DJs had to ensure that the majority of tracks on their playlists were foreign records or risk the loss of an audience.
"Nollywood is now estimated to be worth about N853.9billion (
Funding Gap It is a fact that there persists a huge funding gap between Nigerian film production and those of the Indian and American markets. This results in the classification of Nigerian movies as semi-professional by global films industry standards, with most productions reflecting an industry of almost vestigial quality. On the other hand, the music industry has witnessed a meteoric rise in recent years as the quality of music and marketing techniques continue to improve.
The FDC said the ubiquitous nature of technology employed in the industry and increased Internet penetration have contributed significantly to this progress, providing relative ease to industry entrants. Mobile channels like the 'MTN Callertunez' platform provide musicians with an added revenue stream. Harrysong recently made millions on commissions that accrued from sales of callertunez of his hit song "Mandela", a dirge celebrating the life of the late African leader. P-square, D'banj, Flavor, 2face Idibia and Davido have become household names, raking in millions for entertaining not just Nigerians, but global citizens on and beyond the domestic shore. The creative arts industry holds the potential to enrich Nigerians of all ages but also provides much needed therapy to help soothe the social woes that plague this developing nation.
Government Input Recognising government input in the movie industry, the FDC report said Federal Government, through the
Again, FDC said "Cinema infrastructure in the country continues to improve but is far from sufficient to self-sustain the domestic industry, and thus remains a limiting shortfall for the industry." It believed that "With the necessary cinema infrastructure in place, moviemakers can secure returns on their investments from the box office before proceeding to the DVD retail market, which is largely dominated by piracy. As at 2011,
"For example, the high level of poverty limits the purchasing power of the majority of Nigerians, thus reducing the affordability of such modes of entertainment and effectively hampering the demand for cinemas. However, with increased investments, more Nigerians are employed, providing more income and as a result increasing the demand for more cinemas. Nollywood is patronised far beyond
And as the FDC report puts it, "The music industry continues to impress, transforming the global perception of Nigerians and employing teeming Nigerian youth whilst proving to be a lucrative venture for zealous entrepreneurs. "Nollywood has also been identified as a promising industry with the potential to unlock both economic and social benefits. The industry has already hinted at its promise and is internationally competitive despite relatively little financial input." It called for more investments in order to improve the quality and marketing of movies, but also enable the establishment of a self-sustaining domestic cinema industry.
In conclusion the research firm said the industry remains far from its potential and with increased investments should not only help employ and entertain a significant portion of the Nigerian populace, but also provide forex flows from a growing international customer base.
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