In 2024 it has become apparent that there is a Global movement towards filming in country, a move for Global Brands to film on location in the region the brand communication is being flighted in. This presents a huge opportunity for the film industry in Nigeria.
Artificial intelligence (AI) will also emerge as a key player in this evolving landscape.
For the very first time in Nigerian history the industry has dedicated a minister who will serve as the head of Nigeria’s art, culture, and creative economy, signifying a shift in recognizing the immense potential of this sector as a powerhouse for economic growth.
These changes will not be devoid of challenges, like informal business structures, piracy, and limited funding – in recent years there has been a paradigm shift that will continue into 2024. Enhanced business structures, increased investment, and growing support from regulators and policymakers. This support is evident in initiatives aimed at providing financial aid, creating favorable policies, and establishing platforms for international exposure.
The creative sector now contributes significantly to Nigeria’s gross domestic product (GDP), in 2024 the sectors potential for growth is immense. Nigeria is positioned to becomes one of the worlds fastest growing entertainments and media markets. The digital revolution has been a game changer- streaming platforms, social media, and digital distribution channels have democratized content creation and distribution, breaking down barriers and allowing Nigerian creatives to reach a global audience like never before.
The Nigerian creative industry is at the forefront of exporting Nigerian culture to the world. The film industry is a market that can’t be ignored. With a population of 229,152,217 (2024), including some of the brightest talent in the world – pulsating with young, talented, and ambitious individuals. It remains a crucial component of the nation’s cultural and economic framework.
With the successes from 2023 into 2024, it is evident that Nigerian cinema, popularly known as Nollywood is on a trajectory of unprecedented growth. The year commenced with “A Tribe Called Judah” shattering box office records to surpass a billion naira in earnings. This achievement holds significance for the Nigerian film industry, highlighting the appetite of Nigerian audiences for homegrown productions. This phenomenal achievement sends a message to local and international investors that Nollywood is a force to be reckoned with and a lucrative market to explore.
Well known platforms namely Netflix and MultiChoice-owned Showmax have invested heavily in Nigerian content, recognizing the potential for growth, and has wisely included several Nigerian titles in their content libraries. To grow their market share in Africa, streaming services have, in recent years, invested heavily in producing or acquiring local content in key markets including Nigeria, Kenya and South Africa.
Looking ahead Nigeria is set for an era of unprecedented growth and global influence. It’s a future where Nigerian content is not just consumed but celebrated globally and its production service to international filmmakers will be an experience well worth the trip.
