It may come as a surprise to some that Nigeria’s film industry, Nollywood, produced more films last year than both Hollywood and Bollywood. Although the sheer number of films produced varies between 1,000 and 2,000 films per year, the annual turnover is only around $250 million, according to Emeka Mba, director-general of Nigeria’s National Film and Video Censors Board
Last year the industry experienced a huge amount of investment from both Nigerian and South African banks, including Nexim Bank (Nigerian Export – Import Bank), to encourage more filmmakers to fund projects; the likes of which are improving all the time.
In his 2008 TED talk on the subject, Zambian film maker Franco Sacchi, who works in Boston, said that he believes Nollywood is the perfect location for foreign filmmakers to develop their cinematic ideas due to relatively cheap production costs and general positivity of the industry. Nigerian directions have the zest for raw filmmaking that only an emerging market can truly appreciate.
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Despite promise in the future, Nollywood still very much holds a supporting role in the world film industry with the quality of the production output generally considered to be of a lower standard than other locations. However, if investment continues and foreign expertise is used to good effect in the region, there is no reason why Nigerian film exports could not increase drastically in the years to come.