NDIS7: Nigeria’s N5bn creative industry, a goldmine for diaspora investment – Panelists
Abuja, Nigeria – November 6, 2024
Dr Patrick Doyle, a renowned Nigerian Actor, has said that the Nigerian creative industry has recorded unprecedented growth, with the box office crossing five billion Naira as of September 2024.
Doyle stated this while moderating a panel discussion on ‘Appraisal of Investment Prospects in the Nigerian Creative Industry’ during the 7th Nigeria Diaspora Investment Summit (NDIS), in Abuja.
“Nigerian films now account for 50.4 per cent of the box office revenue, surpassing foreign films. This remarkable achievement is largely attributed to the exceptional work of Nigerian actors, producers, and filmmakers, like RMD, lead actor in the film “Blackbook”, named the most successful African film on Netflix.
He described the panel session as a means to leverage the momentum and attract investment from the diaspora.
“This is about exploring the links between artist innovation and economic growth while exploring factors that propelled Nigerian entertainment to global prominence”, Doyle stated.
Speaking in the same vein, Idris Olorunnimbe, founder of The Temple Company, a panelist, reiterated the great demand for products of the Nigerian Creative Industry globally which he said are bankable.
“The Diaspora can invest in infrastructure, skills and talents in this industry, and own something that’s profitable. The Marketplace is data, and there are people like us, who are willing and able to use your money wisely and get you the best products and returns on investment,” Olorunnimbe told the Diaspora.
Ayo Animashaun, Founder Hip TV, described the success of Afrobeats as the result of hard work and dedication.
“We have not milked the popularity of our music enough. Last year, Afrobeats recorded over $345 million in streaming across only two platforms. We need a Nigerian owned streaming platform.
“Nigerian artists sell out big shows around the world, the opportunities are massive, we need the Diaspora to invest in more record labels and to create more festivals for Afrobeats. There is so much money to be made,” Animashaun stressed.
Niyi Akinmolayan, a Nigerian-Canadian Filmmaker, appealed to all stakeholders to join forces to make films made in Nigeria accessible globally. He added that Nigerians should also think of coming back home to shoot movies.
“The content doesn’t even have to be completely Nigerian content. We have all the space, the land, and capable hands to shoot some of the biggest motion films in the world right here back home.
“There’s no reason, why we cannot have international productions here,” Akinmolayan stressed.
According to Richard Mofe Damijo (RMD), a Nollywood actor, once trust is built between businesses in Nigeria and counterparts in the diaspora, exponential growth seen at the top level would begin to filter down into agriculture, real estate and every other aspect of the economy.
He further called on the Government to look at the development component of the creative industry and create grants for people in the sector.
Foster Corder, a Hollywood Director, encouraged the Nollywood producers and actors to invest in marketing and be proud of their contents.
NDIS is a platform for Diaspora investors to tap into not just Nigeria’s vibrant creative industry, but all sectors of human endeavours while supporting innovative talent and driving economic growth for national development.
