
--
Nollywood acknowledged as a cultural and economic tour de force --
Mon, 07 Apr 2014 16:04
--
With Nigeria s GDP now totalling $510bn, the country has overtaken South Africa as the continent s major economy, according to reports released by the Nigerian government.
Nollywood, the country s homegrown film industry, has been recognised as a key economic driver of the country s success and it now accounts for approximately 1.3% of total output.
It comes as no surprise (that) data from Nollywood has been included in the recalculated GDP figures for Nigeria, comments Jason Njoku, co-founder and CEO of iROKOtv, the VC-backed Video-On-Demand (VOD) platform for Nollywood movies.
As some 1,500 to 2,000 films are being made every year, Njoku says that Nollywood can legitimately be uttered in the same breath as the likes of Hollywood .
Nollywood is the most hard-working, brutal and dynamic of industries that Nigeria has spawned, continues Njoku. It is an economic miracle that the industry has not only flourished, but grown exponentially, considering the conservative budgets movie producers have to work with, as well as the antiquated methods of distribution that held the industry back for so many years.
Njoku says that Nollywood has been actively discounted as a potential industry for growth in Nigeria for too long. Investors at home and abroad were unwilling to invest, putting their money in traditional sectors such as agriculture, oil and property, he adds.
In 2010, iROKOtv secured series A funding of $3m from US-based Tiger Global, the very first significant, multi-million dollar investment into the industry, which is really quite astonishing, Njoku says.
Since then, we have closed on a further $19m of VC investment, bringing the total to $21m, which is testament to how Nollywood is now, finally, considered by the international investor community as a very real and exciting investment prospect in Africa.
Njoku concludes that Nollywood s role in transforming Nigeria into an economic and cultural tour de force is a landmark for Nollywood, with no little thanks to the movie producers, actors and distributors who have helped to put Nigeria on the map culturally and with their creativity and dedication to their art, are helping to drive the economy upwards .
Related Articles
iROKOtv receives significant funding from investorsiROKOtv, the Video-on-Demand (VOD) platform for African content and Nigerian movies, has received $8 million from international investors...
Read more...
Jason Njoku new CEO of iROKINGJason Njoku has been appointed as the CEO of iROKING, Nigerias leading digital music platform...
Read more...
African films stream to the worldInternet film subscription and streaming services will allow a global audience to view African film and music content...
Read more...
iROKO Partners enters SA DVD marketEarlier this year, iROKO Partners, Africa s largest source of Nigerian entertainment with its platforms iROKOtv and iROKING, announced a major strategic development via its entry into the South African DVD market and the launch of 10 000 new Nigerian movie DVDs...
Read more...
-- --
-- --
-- Please enable JavaScript to view the comments powered by Disqus. comments powered by Disqus
Most recent headlines
05/01/2027
Worlds first 802.15.4ab-UWB chip verified by Calterah and Rohde & Schwarz to be ...
01/06/2026
January 6 2026, 05:30 (PST) Dolby Sets the New Standard for Premium Entertainment at CES 2026
Throughout the week, Dolby brings to life the latest innovatio...
01/05/2026
January 5 2026, 18:30 (PST) NBCUniversal's Peacock to Be First Streamer to ...
01/04/2026
January 4 2026, 18:00 (PST) DOLBY AND DOUYIN EMPOWER THE NEXT GENERATON OF CREATORS WITH DOLBY VISION
Douyin Users Can Now Create And Share Videos With Stun...
03/02/2026
Share Share by:
Copy link
Facebook
X
Linkedin
Bluesky
Email...
03/02/2026
Share Share by:
Copy link
Facebook
X
Linkedin
Bluesky
Email...
03/02/2026
Share Share by:
Copy link
Facebook
X
Linkedin
Bluesky
Email...
03/02/2026
Share Share by:
Copy link
Facebook
X
Linkedin
Bluesky
Email...
03/02/2026
Berklee Alumni Recognized at the 2026 Grammy Awards Winners took home trophies in nine categories, including Best Traditional Pop Vocal Album and Songwriter o...
02/02/2026
SBS's High-Flying Drama The Airport Chaplain casts Hugo Weaving alongside Th...
02/02/2026
The National Film and Video Foundation (NFVF), in partnership with the French Institute of South Africa (IFAS), is calling for applications from experienced Sou...
02/02/2026
Photo Credit: NASA. Space Launch System (SLS) rocket and Orion Spacecraft rollou...
02/02/2026
Share Share by:
Copy link
Facebook
X
Linkedin
Bluesky
Email...
02/02/2026
Hewshott, an industry leading global AV, IT, Theatre, and Acoustics consultancy firm has completed a global transition with current UK Managing Director, Daniel...
02/02/2026
Public Media Management (PMM) today announced LTN as the technology partner for PMM Cloud, its new managed, cloud-based master control solution purpose-built fo...
02/02/2026
Share Share by:
Copy link
Facebook
X
Linkedin
Bluesky
Email...
02/02/2026
Share Share by:
Copy link
Facebook
X
Linkedin
Bluesky
Email...
02/02/2026
Share Share by:
Copy link
Facebook
X
Linkedin
Bluesky
Email...
02/02/2026
XR, the leading platform powering advertising operations, today announced the acquisition of Telly Traffic, a UK-based business affairs specialist with nearly t...
02/02/2026
Big Blue Marble, a provider of broadcast-grade, cloud-native video solutions for broadcasters, service providers, and content owners, has become a launch partne...
02/02/2026
February 2 2026, 20:30 (PST) Mahindra launches XUV 7XO as Indias first vehicle ...
02/02/2026
Teaser available to view HERE
Damien Molony as Jim Bergerac
Ahead of the hotly anticipated return of Bergerac to U and U&DRAMA in the Spring, a teaser has bee...
02/02/2026
Rohde & Schwarz reshapes mid-range market with new 44 GHz FPL spectrum analyzer ...
02/02/2026
Back to All News
Cesc Gays New Film Premieres March 27 on Netflix
Entertainment
02 February 2026
GlobalSpain
Link copied to clipboard
Download the first i...
02/02/2026
In addition to DPA Microphones, the company will also be acquiring Wisycom and Austrian Audio. The acquisition is now being filed for regulatory approval and sh...
02/02/2026
Arvato Systems launches a flexible and standardized billing solution
New SAP S/4HANA Utilities master system combines standardization, economies of scale, and...
31/01/2026
Spotify's annual Best New Artist celebration returned to Los Angeles last ni...
31/01/2026
The Navy's Air Test and Evaluation Squadron (HX) 21 launch a Long Range Attack Missile from an AH-1Z off coast of Virginia in late 2025. This demonstration ...
31/01/2026
DigitalGlue, creator of the award-winning creative.space Platform, has announced the release of creative.space OS 3.0.5, the latest software update within the ...
31/01/2026
ES Broadcast Hire, the long-established hire arm of ES Media Group, has spent the last few months busily preparing and sending out high-quality equipment for a ...
31/01/2026
Share Share by:
Copy link
Facebook
X
Linkedin
Bluesky
Email...
31/01/2026
Share Share by:
Copy link
Facebook
X
Linkedin
Bluesky
Email...
31/01/2026
Share Share by:
Copy link
Facebook
X
Linkedin
Bluesky
Email...
31/01/2026
Share Share by:
Copy link
Facebook
X
Linkedin
Bluesky
Email...
30/01/2026
Top L-R: The Friend's House is Here, Josephine, The Lake, Bedford Park, Who Killed Alex Odeh?
Second Row L-R: Take Me Home, American Pachuco: The Legend of...
30/01/2026
Spotify, Haziran ay sonunda kadar stanbul'da yeni bir ofis a aca n ve T rkiye pazar n y netmek zere yeni bir atama ger ekle tirdi ini duyurdu. Bu kaps...
30/01/2026
The Artemis II wet dress rehearsal will simulate the launch countdown, fully loading fuel and verifying systems ahead of the first SLS and Orion crewed flight....
30/01/2026
Share Share by:
Copy link
Facebook
X
Linkedin
Bluesky
Email...
30/01/2026
Share Share by:
Copy link
Facebook
X
Linkedin
Bluesky
Email...
30/01/2026
Grass Valley , the leading technology provider for live production solutions, and NETGEAR Inc. (NASDAQ: NTGR), a global leader in network solutions, today anno...
30/01/2026
tvONE, a leading video processor, signal distribution technology and media server developer, announces the expansion of Amit Singh's role to Regional Sales ...
30/01/2026
With a career that spans four decades across television, film and post-production, Freelance Sound Designer and Post-production Sound Mixer Mike Aiton has built...
30/01/2026
DPA Microphones will feature its new, fully integrated wireless microphone ecosystem, designed to let audio professionals work faster, cleaner and with total co...
30/01/2026
As the Middle East continues to accelerate investment in next-generation media, broadcast, and immersive content technologies, Ventum Tech today announced a str...
30/01/2026
Mark Roberts Motion Control (MRMC), a Nikon company and global leader in robotic camera systems, today announced its participation at Integrated Systems Europe ...
30/01/2026
Share Share by:
Copy link
Facebook
X
Linkedin
Bluesky
Email...
30/01/2026
Share Share by:
Copy link
Facebook
X
Linkedin
Bluesky
Email...
30/01/2026
Share Share by:
Copy link
Facebook
X
Linkedin
Bluesky
Email...
30/01/2026
Share Share by:
Copy link
Facebook
X
Linkedin
Bluesky
Email...
30/01/2026
Boston Conservatory at Berklee Hosts the National Opera Association's 2026 C...