In 2009, UNESCO reported the Nigerian film industry – also known as “Nollywood” – had overtaken Hollywood to become the world’s second largest film industry, behind India’s Bollywood.
In the following decade, output more than doubled to 2,500 films a year – and the industry is continuing to grow, according to a report by PricewaterhouseCoopers.
It’s estimated to employ more than 1 million people and to generate more than $7 billion for the national economy, accounting for around 1.4% of Nigeria’s gross domestic product.
New cinemas are opening and box office revenue is predicted to reach $22 million by 2021.
Source : World Economic Forum
Keywords : Africa, News, Economy, Nigeria, Film industry, Nollywood, Hollywood
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