Nollywood: if properly managed, a million more jobs could be created in the sector
The Nigerian film industry, also known as Nollywood, produces about 50 movies per week, second only to India's Bollywood—more than Hollywood in the United States. Although its revenues are not on par with Bollywood's and Hollywood's, Nollywood still generates an impressive $590 million annually. Believing that if the industry is properly managed, a million more jobs could be created in the sector, the World Bank is currently assisting the Nigerian government to create a Growth and Employment in States project to support the entertainment industry, along with other industries.
Chioma Nwagboso, a World Bank finance and private sector specialist, says that the Bank understands the job creation potential of the Nigerian film industry and the need for a "fruitful export for the country." Without initial support from the government, Nollywood propelled itself to the position it occupies today, and a little lift could take the industry to even greater heights, she adds.