The Nigerian cinema is Africa’s largest movie industry in terms of both value and number of movies produced yearly and the entire entertainment industry in Nigeria has headlined more than 90% of entertainment programs in Africa.
Nollywood, the movie part of the industry, is currently the world’s second-largest movie industry, after Hollywood. The music industry in Nigeria has developed at the same pace as the movie industry, producing global artists who champion the music industry all over the world.
The Nigerian entertainment industry is composed of practitioners in directing, producing, singing, scripting, sound, acting, cinematography, editing etc. in Nigeria. With thousands of home videos and music albums released yearly, this industry has contributed significantly to the economic development of the country.
In 2016 alone, the entertainment industry generated over 2.3% (NGN239 billion) of Nigeria’s Gross Domestic Product (GDP), and this number keeps rising with each day. This sector is identified as one of the priority sectors in the Economic Recovery and Growth Plan of the Federal Republic of Nigeria. The industry is projected to have an export revenue of $1 billion by 2020.
With the nature of the way the Nigerian entertainment industry is growing, analysts have predicted it to be a top investment opportunity in Nigeria. This is primarily hinged on the fact that the industry has made significant records without much human and infrastructural investment. With the right resources, the industry is predicted to be the best in the world.