Nollywood has been ranked among the three most productive movie industries in the world. In 2013, it was rated as the third most valuable film industry in the world after generating a total revenue of N1.72 trillion (in 2013 alone), placing it behind India and the United States. However, the industry has been struggling to stay afloat amid the series of challenges it faces.
On assumption of office, President Goodluck Jonathan’s government took a look into the plight of the industry and lent helping hand to the practitioners.
Jonathan made a mark in Nollywood with generous government grants and appearances on the red carpet.
At first, there was a $200 million fund designed to make it easier for Nigerian producers and film makers to get loans for their projects, which excited the practitioners.
Three years later, to celebrate 20th anniversary of Nollywood, the government made another announcement of N3 billion for ‘Project ACT Nollywood’ to build the capacity of filmmakers and actors in the movie industry.
Though some of these donations caused rancour within the industry, as many producers could not tap into the funds, and that even led to speculations that Mr. President was buying high-profile support ahead of the elections, it does not matter as the industry had government patronage.
Now that Jonathan is leaving Aso Rock, what should the industry be expecting from the incoming government? Buhari had promised to tackle corruption, thus piracy and bureaucracy should be a thing of the past very soon.