Bisina SomtoDirector General of the National Council for Arts and Culture (NCAC), Obi Asika, has expressed optimism that with better support Nollywood could reach a N200 billion industry by 2030. Asika stated this during a webinar hosted by Patrick O. Okigbo III, Nextier’s Founding Partner, on Wednesday, 17 April. Nollywood industry hit to N2.6 billion in revenue, in 2023 which is over 20% increase from the N2.1 billion Revenue in 2022.
He emphasizes that the government’s role should be facilitative rather than restrictive. Instead of regulating the market by dictating terms, the government should provide the necessary tools and infrastructure for growth.
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While Nigeria’s creative sectors like Nollywood, music, fashion, and art have flourished despite governmental support, several challenges continue to impede their full potential. These challenges range from poor financing, limited market access, inadequate intellectual property protection, to an underdeveloped digital ecosystem.
One significant suggestion from Asika is the establishment of a dedicated bank for intellectual property, which could help protect and monetize creative works effectively. He also stresses the importance of the government focusing on authentically telling Nigeria’s stories, cautioning against narrative control that could appear as propaganda.
When discussing challenges faced by the industry, Asika highlights that the biggest investors often lack firsthand knowledge of the Nigerian context. While they provide platforms, they are not always attuned to the unique challenges and nuances of the local creative ecosystem.
Somto is an Entertainment Reporter with a passion for uncovering the latest stories in the world of entertainment. As a dedicated journalist, Somto delivers in-depth reporting, exclusive interviews, and breaking news coverage.
She covers a wide range of topics, from celebrity interviews to industry trends and film reviews.
As an Entertainment Reporter for Prime Business Africa, She continues to provide comprehensive and insightful coverage of the entertainment industry, offering readers an insider's perspective on the latest developments and trends. She is a trusted source for breaking news, exclusive interviews, and thought-provoking analyses.
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