Nollywood ranked third in the world with revenue of N126 billion

Nigeria’s film industry, otherwise known as Nollywood, has reportedly generated about N126.4bn ($800m) in the last three years, making it the third highest revenue earner in the world. According to the managing director of the Nigerian Export-Import Bank (NEXIM) Robert Orya, Nigeria is Africa’s biggest movie producer, with a consistent production of over 2,400 yearly titles in the past three years – 2,408, 2,514 and 2,621 in 2008, 2009 and 2010 respectively. Data compiled in 2011 by the Nigerian Film and Videos Census Board (NFVCB) indicated that 1,743 movies were registered and 1,234 approved. Meanwhile, movies produced in 2012 were forty-four percent English, thirty one percent Yoruba, 24 percent Hausa and 1 percent Igbo. The global film and entertainment industry is reported to have generated about N14.3 trillion ($90.6 billion) revenue in 2010. This is however, projected to increase to N16.2 trillion ($102 billion) in 2012. American film industry, Hollywood is ranked first in world, and India’s film industry Bollywood takes second place.