Nollywood boost Nigeria’s economy with $7.2bn -MD film corporation

Nollywood has added about 1.4% to Nigeria’ Gross Domestic Product, totaling, $7.2bn to Nigeria’s economy, says Dr. Chidia Maduekwe, the Managing Director and Chief Executive of the Nigeria Film Corporation. Maduekwe stated this at the commissioning of the Ultra Modern Female and Male Halls of Residence, for students of the National Film Institute and Media art Studies in Jos at the weekend. The film boss noted that it is possible for the country to emerge as the biggest economy on the continent of Africa if more of government support is given to the institute and industry. He said that under the current administration’s economic diversification agenda, it is intended for Nollywood to contribute upwards of 10% to the GDP through the Economic Growth and Recovery Programme of President Mohammadu Buhari, adding that the projection got a boost at the last 3rd Quarterly Presidential Business forum, held in Aso Villa on May 8, 2017, where focused was on the creative industry and the digital economy. His words, “in the bid to provide impetus for the diversification of the nation’s economy, the motion picture industry is being repositioned through various interventions and innovations; one of such, is the deliberate efforts enhancing academic excellence at the Institute: it is on record that within the past decade, the Institute has graduated over 1000 students in various aspects of motion picture production”, he said. In her part, the wife of the Governor of Plateau State, Mrs. Regina Lalong, stated that Plateau State Government has supported the Institute, through the donation of land on which the hostels were built, saying that the block of hostels shows that the Institution has the interest and welfare of the students at heart, adding that it signals the enhancement of training, capacity building and manpower development for the Nigerian motion picture industry.






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