Nigeria's Nollywood film industry reels in foreign investors

LAGOS: Nigeria’s film industry, dubbed Nollywood, has long kept viewers entertained with tales of romance and riches, and now foreign investors are increasingly looking for a part of the action.

“The revenues from the box office rose by 36% between 2017 and 2018 from US$17.3 million to US$23.6 million,” Chijioke Uwaegbute, an expert on the industry at PwC Nigeria, told those gathered.Traditionally, Nollywood films have been low-budget productions, often shot in just a couple of days at a cost of several thousand dollars and marred by poor sound and image quality.

The Wedding Party and its sequel Wedding Party 2 released by director Kemi Adetiba in 2016 and 2017 generated over US$2 million, beating out US blockbusters for the first time. Canal Olympia, a subsidiary of French media giant Vivendi, runs cinemas and entertainment venues across the continent and includes at least one Nollywood film in its programming each week.

“But beyond just distribution, there is a real appetite to produce the content made by Africans in Africa.” While there is interest from Europe, most of the attention for directors and producers in Nigeria is focused on trying to attract Netflix.

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