from Business Day.
After rebasing, Nigeria’s economy is billed to be the largest in Africa at approximately $405. This new rebasing process will capture the huge and rising activities in Nollywood, Nigeria’s film making industry.
Economists at Renaissance Capital (RenCap), an investment bank, contend that Nollywood, the third largest film making industry in the world after Bollywood and Hollywood, employs more Nigerians than the government
As at 2006 Nollywood was generating an estimated $250 million annually providing employment (often informal and part-time) “for 200,000 people as producers, actors, distributors and promoters, with a further 800,000 in make-up, props, sets, and printing”.
Quality is improving; revenues leaped to N7.2 trillion in 2013. The enhanced production and content quality of Nigerian films indicate the growing professionalism in Nollywood (the Nigerian movie sector) with the industry making an average of N1.72 trillion in 2013 analysts say.
Read the rest of this article from Business Day.
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