The Nigerian Minister of information and Culture, Lai Mohammed has revealed that Nigeria earned $104m from the movie industry in 2019.
The minister who visited the Nigerian Tourism Development Corporation’s headquarters in Abuja on Tuesday, the 25th of February stated this during his visit.
According to Lai, the industry is the fastest-growing sector of the economy as both the movie and music industry generated $53 million and $51 respectively.
He noted that the movie industry is the least untapped part of the economy.
While speaking during his visit, the minister noted that the country is currently made has 53 cinema houses with less than 200 screens.
He, however, noted that Nigeria’s population demands at least 1,000 cinema houses and 6,000 screens.
He said ‘Today we have 53 cinema houses with less than 200 screens but for a population of 200 million people. We need a minimum of 1,000 cinema houses and 6,000 screens.
Lai who stated that the music industry is growing said $86 million is being expected from the industry next year.
‘‘You can imagine if Nigeria made $53million last year from the film industry under 200 screens, how much more when we have 6,000 screens. Our music is growing; we are looking at $86 million next year,” he said.
Furthermore, he said “We need to work harder so that we can actually actualise the potentials of this industry and make it not just the fastest growing sector in Nigeria but also increase our GDP from 1.24 per cent, the industry accounts for 2.24 per cent of our GDP. This can actually grow to 3 per cent of the GDP.”
“Nigeria is a country of colours, with 250 ethnic groups, good culture and almost all-year-round good weather.
“We are blessed with a good music industry that has become global and even Nollywood is the second-best in the world. Our fashion is celebrated globally.” Lai Mohammed added.