Africa has become the next economic block that will save the world, as international investors are trooping to the continent to up their financial margins. The exposure of the continent is partly enhanced by the African film industry and African Movie Academy Award (AMAA) is the blue blood in the film industry. Daniel Obi assesses the AMAA link in this write-up.
Many factors, including overt and covert causes, have combined to push Africa as the world's new economic frontier. Apart from the economic slowdown in Europe and referrals from some multinationals already existing in Africa, players in the entertainment industry have quietly exposed the continent as a land of potential, affable and accommodating. Many foreigners, including the recent 27-man Irish delegation, to the continent and Mika Hakkinen, two-time Formula 1 champion, have accepted that Africa and its people depict richness and open alms. This demonstrates that the land is not full of wars, hunger and strife, as foreigners are safe against hitherto beliefs.
It is not by accident therefore that international investors have found the continent ideal for business. In the recent time, most countries in the continent have had a mark-up in Foreign Direct Investments (FDIs). For instance, Nigeria's FDI has grown astronomically in the last 10 years, so also is Ghana, Kenya and South Africa.
FDI inflows into Nigeria have been growing enormously over the course of the last decade: from ?$1.14 billion in 2001 and $2.1 billion in 2004, Nigeria's FDI reached $11 billion in 2009, according to a report quoting UNCTAD. This makes the country the 19th greatest recipient of FDI in the world, the report noted.
The continent's negative picture in the face of some international community is unfortunately informed largely by the existing information dichotomy between the West and Africa. To an average African, even if he does not possess his country's international passport, much more visiting international airport, any country in Europe is a haven - power of information flow.
But in the recent time, Africans have found another competitive means, apart from cable TV networks to tell their stories. It is in film productions that countries like the US, UK and India have used to project themselves to the world as lands flowing with milk and honey. This served dual purpose for their economies - nation brand building and foreign exchange earnings.
African entertainment industry - the birth of Nollywood
About 20 years ago, a few Nigerians attempted to offer the local market that was inundated with foreign films something new spiced with local culture. They began the production of films in local culture. Initially, there was perhaps apprehension on whether the market will accept it or not, but the idea was wholly accepted. This is the beginning of the birth of Nollywood industry, which today has saved countries like Nigeria huge foreign exchange.
Today, the birth of Nollywood has given impetus to the budding of local films in other African countries, depicting African rich culture hitherto regarded as uncivilised due to overwhelmingly acceptance of European culture. Riding on the back of the success of that first attempt, other film producers followed suit, leading to the birth of a multi-billion naira industry that is today considered second only to agriculture in the employment of labour in Nigeria, says an analyst.
In his article published in Nigerian Orient News, Frank Odumodu, an analyst, quoted statistics from Africa Movies News, BBC and New York Times that put the estimated annual revenue of the Nigerian film industry at $590 million. Euromonitor International and Reed Exhibitions, organisers of the World Travel Market, a global event for the travel industry, predicted in their November 2012 report that Africa's projected 5.2 percent GDP growth rate in 2013 would be due in part to the popularity of the Nigerian film industry, which it said would also attract domestic and regional tourism, according to Odumodu.
Reports say that Nollywood has taken a giant stride to become an industry to reckon with, both within and outside the country. In just few years, the industry has grown to become the second largest in the world, generating $286 million per year for the Nigerian economy.
Africans presently export films and this has unarguably given the continent a new face. Europeans, including their investors, now see Africa differently with convinced mind that good things can truely come out of Africa. Investors are now coming in droves.
The collaboration between African actors, actresses, and play writers in film production has assisted to deepen the African culture and led to much acceptance of African movies. Charles Aigbe, head, marketing/corporate relations, UBA, had reiterated this view when he said recently that films remain a great platform to showcase Africa's rich cultural heritage to the world. Aigbe, who was speaking on the bank's support for Nigerian and African cinema, said his bank believes in the immense opportunities that the fast growing film industry provides for Africans, especially the youth.
Report by Doyin Adeoye and Ruth Olurounbi in the Tribune quoted Hala Gorani and Jeff Koinange formerly of CNN, as saying Nigeria has over $250 million movie industry, creating some 200 videos for the home video market every month. This, they argued, had generated abundant revenue into the nation's coffers.
In their study of Nollywood as a tool for reshaping Nigerian image and diplomacy, Cornelius Aghadiegwu and Uchenna Patricia, both of Mass Communication Department of Nnamdi Azikiwe University, posited that Nollywood had grown so strong in recent times to command both local and international audiences and also had the capacity to provide a platform for the positive promotion and projec
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Africa has become the next economic block that will save the world, as international investors are trooping to the continent to up their financial margins. The exposure of the continent is partly enhanced by the African film industry and African Movie Academy Award (AMAA) is the blue blood in the film industry. Daniel Obi assesses the AMAA link in this write-up.
