Economic growth can be defined as a sustained increase in per capital output or net national product over a long period time.
Nigeria’s economy comes with higher oil and gas flows and agricultural input.
Of recent, Nigeria has been facing numerous challenges in oil and gas sector, being the main sources of economy of the country.
however, the question on the lips of some Nigerians are, apart from oil and gas, is there no other thing that can boost the economy of the country?
Nigeria entertainment industry is one of the other sectors if government deems it fit to invest heavily in it as it has been doing for oil and gas sector.
The industry which comprises live entertainment, film, music, publishing, advertising, and broadcasting has witnessed rapid development over the years and recent revelations show that the industry has the potential to revolutionise the nation’s economy.
For instance, Nollywood is reported to be the third largest and fastest growing movie industry in the world, after Hollywood and Bollywood.
According to research, India 2019 fiscal year, generated from cinema was valued at over eleven billion rupees.
Records show that Bollywood rightly represents the 40 percent of India’s income and surprisingly, the annual growth rate is between 10 and 20 percent.
Nollywood has the potential to make a significant contribution to Nigeria’s economy as long as it gets the financial support it needs.
For example, the wedding party movie was premiered at the Toronto international film festival in Canada, it became the first Nollywood film to come close to grossing half a billion naira in box office sales within two months of its release, shattering previous records.
It was not the first Nigerian film to show what the country’s industry is capable of, a trip to Jamaica, 76, arbitration, Omo Ghetto the saga, Alakada reloaded among others had already shone a light down this path.
Also the first Nollywood film to debut in us movie theatres, doctor bello was supported by a 250,000 dollars production loan from a fund set up by the then Nigerian President Goodluck Jonathan.
According to 2014 report from the United States International Trade Commission, UTSITC, Nollywood generates, on average six hundred million dollars in a year for the economy.
Aside aforementioned, it employs more than one million people, excluding pirates, making it Nigeria’s largest employer of labour after agriculture.
As Nigeria looks towards an economy that is non oil dependent, the Nollywood has the potential to provide jobs and become a fruitful export.
According to world bank finance and private sector specialist, Chioma Nwagboso, without initial support from the government, Nollywood propelled itself to the position it occupies today and a little lift could take the industry to greater heights.
Already, Nollywood films have a large following in Africa and among African emigrants around the world, estimated at more than 30 million and still growing.
To achieve this, there is need for concerted efforts to reduce piracy through better enforcement of copyright laws and punishment of offenders
Above all, Nigerian government needs to explore the economic benefits embedded in entertainment industry particularly in the current economic climate, as there are lot to be gained if the government invested heavily into the industry.
Rasheedah Makinde
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