Nigerian films now dominate the box office, holding 50.4% of total revenue in 2024—an impressive shift that edges out foreign film earnings, according to veteran actor Dr. Patric Doyle. Speaking at the 7th Nigeria Diaspora Investment Summit (NDIS7), Doyle highlights this achievement as part of a broader discussion on the booming investment potential within Nigeria’s creative sector.
“Nigerian cinema currently accounts for over half of box office revenues,” Doyle states, referencing the success of Black Book, which recently broke records as the most successful African film on Netflix.
New Investment Opportunities for Diaspora
Industry leaders at the summit emphasize the profitability of Nigeria’s creative industry and encourage diaspora investors to engage. Idris Olorunnimbe, founder of The Temple Company, underscores the global demand for Nigerian content and the role of data-driven strategies in the sector. “Investors have an opportunity to support projects in infrastructure, talent, and content creation. We know how to use your capital effectively to deliver strong returns,” he explains.
Afrobeats Success Calls for More Investment
Hip TV founder Ayo Animashaun celebrates the global success of Afrobeats but stresses the need for further investment to maximize its potential. “Last year, Afrobeats generated over $345 million in streaming on just two platforms. Nigerian artists are selling out large venues worldwide. There’s a massive opportunity here for new record labels and music festivals,” Animashaun notes, calling for more investment in the genre to broaden its reach.
Nigeria’s Potential as a Film Production Hub
Nigerian-Canadian filmmaker Niyi Akinmolayan highlights Nigeria’s unique resources for film production, underscoring the potential to host large-scale international projects. “Nigeria has the land, talent, and facilities to become a global film production hub. We can produce some of the biggest projects right here,” he says, urging stakeholders to capitalize on the country’s film industry infrastructure.
Nollywood star Richard Mofe Damijo (RMD) underscores the importance of building trust between Nigerian businesses and diaspora investors. He believes that fostering this relationship is essential for economic growth across various sectors, unlocking even more opportunities for Nigeria’s creative industry and beyond.
