The FDC report further disclosed that while the highest-grossing Nollywood movie, ‘The Wedding Party’ made approximately $1.176 million , India’s Dangal , grossed about $296 million . The report added that it takes an average of $10,000 to make a Nollywood film compared to Hollywood’s average budget range of $70 million to $100 million while a premiere Hollywood blockbuster could cost between $200 million and $400 million. The Bollywood’s budgets range between $200,000 and $700,000.
The Bankers Committee led ongoing restoration and refurbishment of the National Arts Theatre, Iganmu, Lagos, tagged Lagos Creative And Entertainment Centre project; First bank led sponsorship of the movie titled ”Ayinla” in 2020; UBA’s sponsorship of the Ebola movie titled “93 Days”- A story on how Nigeria faced its first case of the Ebola virus and conquered it.
“This will invariably increase the overall Gross Domestic Product of Nigeria thus stimulating growth and development and better position the country as a powerhouse in Movie production,” Malize stated. She highlighted that professionals from the financial sector and the media were invited to see how both sectors can collaborate with Nollywood to identify new windows of openings and innovation to help develop the industry beyond where it is.
Deca called on the actors to always collaborate with people in different fields such as the media, finance, and academia, especially historians, linguists and other cultural activists to explore all aspects of development the entertainment industry can tap from.