Ope Ajayi, chief executive officer, Cinemax Distribution Limited, has called for better data, structure and policy support to enable Nollywood fully realise its economic potential, saying the industry’s value remained unclear despite its global influence.
Ajayi said this while speaking at the maiden edition of the Lagos Business of Film Summit, organised by Cinemax Distribution Limited in Lagos on Friday.
The summit with the theme “Unlocking the Potential of Nollywood, The Next Decade”, is an initiative of the Flim Business Forum.
At the summit, the Cinemax CEO further said that lack of accurate data on annual output and revenue underscored deeper structural gaps that hinder 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 were widely acknowledged, its commercial returns remained disproportionately low.
Ajayi emphasised the need for deliberate government policies, incentives and rebates to attract more foreign productions and partnerships to Nigeria.
He also urged stakeholders to define a clear narrative for Nollywood, noting that storytelling plays a critical role in shaping how nations are perceived globally.
Ajayi said 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.
Also speaking, Shaibu Husseini, executive director, National Film and Video Censors Board (NFVCB), said that unlocking Nollywood’s full potential would require intentional collaboration across the value chain, including creatives, investors, distributors, technology partners, and regulators.
“The industry must move beyond volume to value by strengthening storytelling, professional standards, financing models, and inclusive distribution systems.
“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,” he said
Husseini that the NFVCB is 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.
Meanwhile, Mo Abudu, founder, EbonyLife Media, emphasised the importance of collaboration and prioritising strong storytelling before focusing on funding.
“We must research and understand what is going on in the global market to unlock the potential of our industry, Nollywood. We must build on our ecosystem,” Abudu said.
“We must concentrate on creating local contents for local and then create for global space.”
She 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, and creation of abundant opportunities.
Speaking on “Financing Film Projects: Structure, Access and ROI” Bolaji Balogun, chief executive officer, 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 that the creative sector could account for between 20 and 25 percent of Nigeria’s Gross Domestic Product in the long term, translating to a minimum value of about $USD250 billion, if properly harnessed.
He said that access to capital depended on credible evidence of success, urging industry players to document and share accurate data on revenues and returns.
He 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.
Kunle Afolayan, a filmmaker, 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 does not collaborate, as he announced his interest in working with his colleagues going forward.
Tosin Dabiri, managing director, Chapel Hill Denham Nigeria SME Ltd, announced the company’s new initiative, the Creative Catalyst Fund for filmmakers.
She explained that the portal is now open as she provided details on how creatives can apply.
While speaking on “Box Office Showtimes”, Onyeka Nnama, general manager, Cinemax Distribution Limited, 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.
