The Managing Director and Chief Executive Officer, of First Generation Mortgage Bank , Dr. Young-Tobi Ekechi, has stated that Nollywood ranks second in the world after Hollywood with a financial value of over $6.4 billion, making it one of the fastest-growing movie industries in the world and one of the biggest employers of labour in the country.
At the event which also saw players and stakeholders in the industry being rewarded with awards of various categories, the FGMB boss said the impacts of Nollywood in the Nigerian economy, if well sustained would open doors of prosperity to the country and beyond. Ekechi said since the breakthrough by pioneers of the industry in the 60s and early 90s, “Nollywood has become a thriving space that not only provides an avenue for entertainment but also generates significant revenue for Nigeria’s economy.
“Furthermore, the job-creating potential inherent in the industry cannot be overstated as the industry currently employs over one million people, making it one of Nigeria’s largest employers. Its capacity to employ a large number of people has been applauded by the World Bank, who acknowledged the job creation potentials of Nollywood,” he added.