Ope Ajayi, Chief Executive Officer of Cinemax Distribution Limited, has called for enhanced data collection, institutional frameworks, and government intervention to help Nigeria’s film sector achieve its economic promise.
During the Lagos Business of Film Summit hosted by his company, Ajayi pointed to a fundamental challenge: despite Nollywood’s worldwide cultural reach, its actual economic value remains difficult to measure due to insufficient data on yearly production figures and earnings.
He advocated for targeted government measures—including tax incentives and rebates—to draw international film projects and collaborative ventures to Nigeria. Ajayi stressed that storytelling plays a crucial role in defining how the world perceives Nigeria.
The absence of reliable production and revenue statistics, he explained, reflects broader organizational weaknesses that prevent the industry from fully capitalizing on its worth. While Nollywood’s impact on jobs, culture, and Nigeria’s international reputation is recognized, its financial returns don’t match its influence. Ajayi encouraged industry participants to establish a coherent vision for Nollywood, explaining that the summit aimed to promote meaningful conversations, partnerships, and actionable strategies to transform potential into sustained economic growth.
Dr. Shaibu Husseini from the National Film and Video Censors Board (NFVCB) reinforced the call for cooperation throughout the industry ecosystem.
“Moving forward requires shifting focus from quantity to quality—through better narratives, higher professional standards, improved financing mechanisms, and broader distribution networks. With strategic alliances and unified purpose, Nollywood can access untapped markets over the coming decade, uplift communities, and cement its status as both a cultural and commercial force globally,” Husseini stated.
The NFVCB is developing plans to expand access to Nigerian cinema in underserved areas through community screening venues and authorized mobile exhibition services. This program seeks to extend Nollywood’s reach beyond city centers, broaden viewership, generate additional income for filmmakers, and energize local creative sectors while maintaining content standards and copyright safeguards.
Mo Abudu, Founder of EbonyLife Media, delivered the keynote speech highlighting the necessity of partnership and prioritizing compelling narratives over securing funding.
“Understanding global market dynamics is essential for realizing Nollywood’s capabilities. We need to strengthen our infrastructure and focus initially on content for domestic audiences before expanding internationally,” Abudu remarked.
She revealed plans to launch an EbonyLife Studio facility in London this July and predicted significant growth in streaming services during the next ten years, presenting substantial opportunities.
Bolaji Balogun, Chief Executive Officer of Chapel Hill Denham, addressed film financing during his session on project structure, funding access, and investment returns. He emphasized that education, collaboration, and supportive conditions are vital for attracting capital to Nigeria’s entertainment sector.
According to Balogun, the creative industries could eventually represent 20 to 25 percent of Nigeria’s GDP—potentially worth $250 billion—with proper development. Securing investment requires demonstrable track records, making accurate revenue documentation crucial. He stressed investing in production facilities, post-production capabilities, and distribution systems, noting these require sustained capital commitments and institutional backing.
Balogun also identified talent development as critical, observing that most professionals currently learn independently. He called for establishing formal training institutions to prepare for industry expansion, alongside better talent management systems, digital transformation, and preservation of Nigeria’s audiovisual heritage.
Filmmaker Kunle Afolayan underscored the value of research-driven storytelling: “Realizing Nollywood’s potential means creating films with lasting impact.” He also dismissed speculation about avoiding collaboration, expressing his commitment to working with fellow filmmakers moving forward.
Onyeka Nnama, General Manager of Cinemax Distribution Ltd., addressed exhibition challenges during her presentation on box office operations. She suggested extending minimum screening periods from one to two weeks, given the shortage of available screens and showtimes.
“Filmmakers should create content audiences genuinely want to experience while casting appropriate talent,” Nnama advised.
The summit, themed “Unlocking the Potential of Nollywood, The Next Decade,” was organized by the Film Business Forum.
READ ALSO:
- Tinubu Celebrates Iyalode of Remoland, Sade Ogunbiyi, on 80th Birthday
- U.S. Court Throws Out Lilian Onoh’s Defamation Case Against SaharaReporters Again
- NSCDC Raids Illegal Detention Centre in Lagos, Rescues 24 Victims and Arrests Four Foreign Nationals
- Forbes: Messi Now Worth $1.1 Billion
- Kidnappers Demand Release of Terror Suspects, ₦1bn Ransom for Abducted Oyo Pupils and Teachers
