Nigeria’s Film Industry, Gaining More Ground…

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Today we turn our attention to Nigeria’s creative sector (arts and entertainment). The film industry is seen as a dominant player within this sector and has grown rapidly over the past two decades.

Based on industry sources, an average of 50 films are released on a weekly basis and demand for Nollywood movies extends well beyond Nigeria. We understand that the film industry is one of the country’s largest non-oil exports. Furthermore, Nollywood is said to be the second largest employer in Nigeria after agriculture.

  • The national accounts from the NBS show that the entertainment industry grew by 3.5% y/y in Q4 2017. However, we emphasize that this is from a very low base as the sector accounts for just 0.2% of total GDP.
  • To support growth within the sector, the FGN granted most segments within the creative industries including Nollywood conditional access to pioneer status incentives. These include holidays from the payment of companies’ income taxes as well as withholding tax on dividends from pioneer profits for an initial period of three years. This duration can be extended by two additional years.
  • Similar to other sectors of the economy, poor access to finance limits sustained growth across the film industry’s value chain. In H2 2017 it was widely reported that the FGN provided an N1.8bn (US$5.9m) grant to support the film industry via the “Project Act Nollywood” initiative.
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Arts, entertainment & recreation, and GDP growth (% change y/y)

Nigeria’s Film Industry, Gaining More Ground... - Brand Spur

  • We see the sector gaining more ground in the near future. There are on-going conversations around partnerships with the Norwegian and Korean film industries. Recently, Sony Pictures signed a three-year deal with Nigeria’s leading entertainment network to produce tv projects for global distribution.
  • The industry is positioned to become a huge fx earner via export earnings. However, sizeable investments will be required to realize this potential.
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Latest News

Hong Kong ICT Awards 2021 opens for enrolment

HONG KONG SAR - Media OutReach - 23 April 2021 - The Hong Kong ICT Awards (HKICTA) 2021 is open for enrolment today (April 23). Entries of locally developed information and communications technology (ICT) products and solutions are invited to compete for the Grand Awards in the eight award categories, and the top accolade of the competition - the Award of the Year. The deadline for enrolment is July 16, 2021.

Steered by the Office of the Government Chief Information Officer (OGCIO), the HKICTA 2021 is organised by eight local industry associations and professional bodies. The award categories and respective Leading Organisers are listed below:

Award Categories

Leading Organisers

Digital Entertainment Award

Hong Kong Digital Entertainment Association

FinTech Award

The Hong Kong Institute of Bankers

ICT Startup Award

Hong Kong Wireless Technology Industry Association

Smart Business Award

Hong Kong Computer Society

Smart Living Award

Hong Kong Information Technology Federation

Smart Mobility Award

GS1 Hong Kong

Smart People Award

The Hong Kong Council of Social Service

Student Innovation Award

Hong Kong New Emerging Technology Education Association

A Grand Award will be granted in each category. A Grand Judging Panel, to be led this year by the President of the Hong Kong University of Science and Technology, Professor Wei Shyy, will select the Award of the Year from the eight Grand Awardees.

Since its debut in 2006, the HKICTA has endeavoured to recognise and promote outstanding ICT inventions and applications, thereby encouraging the pursuit of innovation and excellence among Hong Kong's ICT professionals and enterprises to meet business and social needs, bring benefits to the community through adoption of innovation and technology, and foster Hong Kong's smart city development together.

Details of the HKICTA are available on the thematic website ( Enquiries can be made to the OGCIO at 2582 4318 or by emailing [email protected]

Nigeria’s Film Industry, Gaining More Ground... - Brand Spur
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