By Jane Okeke
Dr. Patric Doyle, a celebrated Nigerian actor, has spotlighted the rapid growth of Nigeria’s creative industry, announcing that its box office revenue has surpassed five billion naira as of September 2024.
Doyle made these remarks while moderating a panel on “Appraisal of Investment Prospects in the Nigerian Creative Industry” at the 7th Nigeria Diaspora Investment Summit (NDIS) in Abuja, alongside notable figures such as Hon. Abike Dabiri-Erewa, Chairman/CEO of the Nigerians in Diaspora Commission.
“Nigerian films now hold a 50.4% share of box office revenue, overtaking foreign films. This milestone is largely due to the impressive work of Nigerian talent like RMD, the star of ‘Blackbook,’ recognized as the most successful African film on Netflix,” Doyle said.
He described the session as a chance to capitalize on this momentum and attract diaspora investment, adding, “Our discussion explores how artistic innovation drives economic growth and highlights the factors propelling Nigerian entertainment to global prominence.”
Ayo Animashaun, founder of Hip TV, emphasized the global success of Afrobeats, noting it has generated over $345 million in streaming revenue across two platforms alone. “We need a Nigerian-owned streaming service,” Animashaun stressed. He added that with Nigerian artists selling out shows worldwide, diaspora investment in record labels and more festivals could unlock substantial revenue.
Nigerian-Canadian filmmaker Niyi Akinmolayan urged stakeholders to work together in promoting Nigerian films globally and called for diaspora filmmakers to return home for projects. “Content doesn’t need to be exclusively Nigerian; we have the resources here to produce major motion films,” he said.
Richard Mofe Damijo (RMD), a Nollywood actor, highlighted the broader economic impact of a thriving creative industry, suggesting it could spur growth in agriculture, real estate, and other sectors. He also encouraged the government to provide grants for the industry.
Hollywood director Foster Corder encouraged Nollywood to invest in marketing and to showcase pride in its productions.
The NDIS remains a key platform for diaspora investors to engage with Nigeria’s dynamic creative sector, alongside various industries, nurturing talent and fueling economic growth for national development.
