Mr. Ope Ajayi, Chief Executive Officer (CEO) of Cinemax Distribution Ltd, has called for better data, structure and policy support to enable Nollywood fully realise its economic potential. He maintained that the industry’s value remained unclear despite its global influence. Ajayi said over the weekend in Lagos, while speaking at the maiden edition of the Lagos Business of Film Summit, organised by Cinemax Distribution Ltd.
The summit with the theme: ‘Unlocking the Potential of Nollywood, The Next Decade,’ is an initiative of the Film Business Forum.
Ajayi regretted that lack of accurate data on annual output and revenue underscored deeper structural gaps that hindered the industry’s ability to capture and maximise its value. He noted that while Nollywood’s contributions to employment, culture and Nigeria’s global soft power was widely acknowledged, its commercial returns remained disproportionately low.
He emphasised the need for deliberate government policies, incentives and rebates to attract more foreign productions and partnerships to Nigeria, and urged stakeholders to define a clear narrative for Nollywood, noting that storytelling plays a critical role in shaping how nations are perceived globally.
The Climax boss, expressed that the summit was aimed at fostering dialogue, partnerships and practical solutions that would move the industry beyond discussions of potential to sustainable value creation.
In his speech, Dr Shaibu Husseini, Executive Director, National Film and Video Censors Board (NFVCB), said unlocking Nollywood’s full potential would require intentional collaboration across the value chain, including creatives, investors, distributors, technology partners, and regulators.
He explained that the industry must move beyond volume to value by strengthening storytelling, professional standards, financing models and inclusive distribution systems.
He said: “With the right partnerships and shared vision, Nollywood can, in the next decade, unlock new markets, empower communities, and consolidate its place as a global cultural and economic force.”
Hussein noted that the NFVCB was working on a new framework to deepen grassroots access to Nigerian films through community cinemas and regulated mobile exhibition platforms.
He explained that the initiative was designed to take Nollywood beyond traditional urban screens, expand audience reach, create new revenue streams for producers and stimulate local creative economies, while also ensuring proper classification, content protection and accountability.
Also, Ms. Mo Abudu, Founder of EbonyLife Media, emphasised the importance of collaboration and prioritising strong storytelling before focusing on funding. Abudu canvassed for extensive research and understanding of the global market to unlock the potential of the industry in Nigeria.
She maintained that industry players must build on the ecosystem, while also concentrating on creating contents for local and then create for global space, and hinted that a replica of the EbonyLife Studio would be opened in London by July.
She expressed optimism that the next decade would witness a surge in streaming platforms, creating abundant opportunities.
Speaking on ‘Financing Film Projects: Structure, Access and ROI,’ Mr Bolaji Balogun, CEO of Chapel Hill Denham underscored the need for education, collaboration and an enabling environment to attract investment and unlock the full value of Nigeria’s creative and entertainment industry.
Balogun said the creative sector could account for between 20 and 25 per cent of Nigeria’s Gross Domestic Product (GDP) in the long term, translating to a minimum value of about $250 billion, if properly harnessed.
He explained that access to capital depended on credible evidence of success, urging industry players to document and share accurate data on revenues and returns.
He further emphasised the importance of investing in infrastructure across production, post-production and distribution, noting that such investments required long-term capital and partnerships with institutional investors.
He highlighted the need for structured talent development, saying most industry professionals were self-taught and that large-scale training institutions were required to meet future demand.
Balogun also called for improved talent management, digitalisation and preservation of content, including Nigeria’s historical audiovisual archives.
Filmmaker Kunle Afolayan, emphasised the importance of thorough research in storytelling
“To unlock the potential of Nollywood in the next decade, we must focus on producing films for posterity,” he said.
Afolayan debunked rumours that he did not collaborate, as he announced his interest in working with his colleagues going forward.
The Managing Director of Chapel Hill Denham Nigeria SME Ltd, Ms. Tosin Dabiri, unveiled the company’s new initiative, the Creative Catalyst Fund for filmmakers. She explained that the portal was now open as she provided details on how creatives could apply.
Ms. Onyeka Nnama, General Manager of Cinemax Distribution Ltd., speaking on ‘Box Office Showtimes,’ proposed extending the minimum screening period for films from one week to two weeks, citing the limited number of screens and showtimes.
“It is important that filmmakers make films that people want to see as you engage the right faces,” she said.
Read more on Independent Newspapers Nigeria
