• Tue. Jul 16th, 2024

Nollywood Economic Outlook 5.0: Strategies Unveiled For Industry Sustainability

ByOluwaponmile Awokoya

Feb 27, 2024

TNM-Jide:: L-R; Don Pedro Aganbi, Convener, Nollywood Economic Outlook, Ijeoma Imo, Actress, and Jide Awe, CEO, Jidaw.com, after a Fireside Chat Session at the 5th Annual Nollywood Economic Outlook (NEO2024)

In a bid to address economic challenges and opportunities in Nigeria’s film industry, industry experts gathered at the Nollywood Economic Outlook 5.0 organized by The Nollywood Mandate (TNM) last week. The event featured insightful discussions on key issues impacting Nollywood’s sustainability.

Victor Mark-Onyegbu, Head of Grants at Africa No Filter, served as the keynote speaker, emphasizing the vital role of the creative economy in driving societal change and economic prosperity. In his address, Mark-Onyegbu highlighted the interconnectedness of the general economic landscape with the creative economy, stressing the importance of addressing macroeconomic factors affecting the industry.

He drew attention to infrastructure deficits, low investment in movie theaters, and the impact of piracy on revenue streams. Mark-Onyegbu called for concerted efforts to address these challenges, urging policymakers to prioritize the creative economy and incentivize private sector investment.

Mark-Onyegbu also stressed the need for innovative financing models and policy reforms to support the industry’s expansion into global markets. He concluded by urging stakeholders to collaborate, innovate, and invest in the future of Nollywood.

Cross section of speakers at the 5th Annual Nollywood Economic Outlook (NEO2024)

Toke Benson – Awoyinka, Commissioner, Tourism, Arts and Culture, Lagos State, commended the organizers for sustaining engagement in the creative sectors and promoting digital transformation to accelerate the growth of the creative industry.

Adebukola Agbaminoja, Executive Secretary/CEO, Lagos State Film and Video Censors Board, represented the Commissioner and pledged the state’s continued partnership with The Nollywood Mandate in innovation to drive policies.

Prof Olawale Moronkola, Director General/CEO, National Institute for Sports (NIS), emphasized the importance of health and wellness within the industry. He highlighted the need for self-care and preventative measures to sustain creative endeavors, acknowledging the toll on physical and mental health in the demanding creative industry.

Fidelis Duker, Founder, Abuja International Film Festival, stressed the necessity for collaborative efforts between government, stakeholders, and the creative community to implement policies that foster growth, protect intellectual property, and provide incentives for investment and innovation.

Jide Awe, CEO, Jidaw.com, during the fireside session, insisted that embracing digital technologies is crucial for unlocking Nollywood’s full potential. He emphasized the need to explore new storytelling formats and distribution channels and invest in people to develop the skills needed for the digital era.

Don Pedro Aganbi, Convener, TNM, in his welcome address, emphasized the indispensability of collaboration, innovation, and infusion of digital technology in moving Nollywood to the next level and ensuring its continued contribution to the nation’s economy.

The event featured various speakers and panelists, including Queen Blessing Ebigieson, President of the Association of Movie Producers, Sunny Mcdon, Secretary, Board of Trustees, Actors Guild of Nigeria, and other notable figures from the industry. The discussions highlighted the importance of embracing global best practices, investing in talent and technology, promoting inclusivity, and fostering collaboration across the industry’s value chain.

The Nollywood Economic Outlook 5.0 provided a roadmap for reshaping the industry, positioning it as a global cultural and economic force, and driving Nigeria’s economic transformation.

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