Renowned Nigerian actor Dr. Patric Doyle shared a significant achievement for the Nigerian film industry in 2024. Local films achieved a remarkable 50.4% of box office revenue, surpassing foreign productions.
This milestone was highlighted during the 7th Nigeria Diaspora Investment Summit (NDIS7), where industry leaders convened to explore investment opportunities within Nigeria's creative sector.
Dr. Doyle, who led a discussion on the topic of "Appraisal of Investment Prospects in the Nigerian Creative Industry,” emphasized the impressive growth of Nigerian cinema, particularly highlighting the success of "Blackbook," which has become the most successful African film on Netflix.
With Nigerian films now representing 50.4% of box office earnings, this achievement is credited to the outstanding contributions of Nigerian actors, producers, and filmmakers, including RMD, the lead in "Blackbook," as noted by Doyle.
He stressed that NDIS7 presents a valuable opportunity for diaspora investors to engage with this upward trend.
Idris Olorunnimbe, founder of The Temple Company and a panelist at the summit, emphasized the lucrative nature of Nigeria’s creative industry and encouraged diaspora members to explore investment avenues.
“The Diaspora can invest in infrastructure, skills, and talents in this industry and own something that’s profitable,” Olorunnimbe remarked.
He also highlighted the growing global appetite for Nigerian content and the importance of data-driven strategies in decision-making.
“The marketplace is data, and there are individuals like us who are prepared to manage your investments wisely to ensure optimal products and returns,” he added.
In his professional opinion, Ayo Animashaun, the founder of Hip TV, astutely acknowledged the global prominence of Afrobeats and emphasized the critical need for increased investment to fully capitalize on its unrealized potential.
"We have yet to fully capitalize on the popularity of our music; last year, Afrobeats generated over $345 million in streaming revenue from just two platforms, and Nigerian artists are consistently selling out major venues worldwide. The opportunities are vast, and we need the Diaspora to invest in more record labels and establish additional festivals for Afrobeats," Animashaun stated.
Furthermore, Niyi Akinmolayan, a Nigerian-Canadian filmmaker, highlighted the untapped potential of Nigeria as a film production hub. He encouraged stakeholders to leverage the country's resources and talent to create content that resonates with a global audience. Nigeria is well-positioned to undertake large-scale film projects.
"The content doesn’t necessarily have to be entirely Nigerian. We possess ample space, land, and skilled professionals to produce some of the world's major motion pictures right here at home," he remarked.
Foster Corder, a director from Hollywood, urged stakeholders in Nollywood to prioritize investment in marketing and to take pride in their creative output, emphasizing the significance of cultivating a global audience for Nigerian films.
The Nigeria Diaspora Investment Summit serves as a platform for diaspora investors to engage in Nigeria's creative sector and diverse industries, fostering talent development and driving economic growth for the nation's progress.