Nollywood films can make more money for Nigeria than oil — Obaseki

The Governor of Edo State, Godwin Obaseki, is confident the Nollywood film industry can become a cash cow for Nigeria if stakeholders play their cards right and maximise obvious opportunities.

He told filmmakers at a mixer in Lagos State on Sunday, October 15, 2023 that the creative industry is the perfect vehicle for Nigeria’s goals of diversifying the economy.

The governor noted that Nigeria is the dominant market on a continent whose share in the entertainment industry is rapidly growing globally. He said organising the industry properly would ensure great benefits for potentially many creators who can export content better than is already happening.

“If we go at this rate, with what is happening in the fossil fuel and hydrocarbon industry, the returns from film will be bigger than oil. Where does that money go to? Not to a few big companies but to hundreds and millions of participants in the industry,” the 66-year-old told journalists.

Obaseki said the government has an important role to play, by supporting creators and nurturing the industry to become more profitable.

Sunday’s mixer was organised ahead of the second edition of the Edo State International Film Festival (ESIFF) which will take place in Benin City between November 30 and December 2. Over 3,000 films were submitted from 126 countries, with the most entries coming from Nigeria, Iran, India, the United States and Brazil.

The governor said the festival and a planned film village in the capital city show the state’s eagerness to compete in the film space. He invited stakeholders to see Edo as a hub for their productions, promising an abundance of local talent and infrastructure.