Connect with us
nairametrics
UBA ads

Business News

Nigeria’s movie industry, Nollywood generates about $1 billion yearly – Afreximbank 

Nollywood, Nigeria’s movie industry has been estimated to generate between $500 million and $1 billion on a yearly basis in revenue.

Published

on

Nigeria's movie industry, Nollywood generates about- $1 billion yearly - Afreximbank 

Nollywood, Nigeria’s movie industry has been estimated to generate between $500 million and $1 billion on a yearly basis in revenue. It also reportedly employs 300, 000 people and more than one million people indirectly. 

This was made public by Gainmore Zanamwe, Senior Manager, Intra-African Trade Initiative, African Export-Import Bank (Afreximbank) at the 47th Annual General Meeting (AGM) of the Manufacturers Association of Nigeria (MAN) in Lagos. Zanamwe had noted that Nigeria movies recorded the biggest patronage across the continent and was globally accepted, even in the diaspora. 

UBA ADS

[READ MORE: Spain to invest in Nollywood to strengthen ties with Nigeria]

He added that the Bank was finding ways to collaborate with the creative industry to boost export of Nigerian and African movies, music, fashion and other creative works. 

Zanamwe also disclosed that a technology platform for aggregation and distribution of high-quality Nigerian and African content – music, video, and movies was in the works. 

GTBank 728 x 90

Zanamwe explained that the creative industry is of utmost concern to the Afreximbank’s Diaspora strategy. Afreximbank’s Diaspora strategy provides various ways in which diaspora resources (both financial and expertise) can be mobilised for the promotion of intra-African trade and the development of Africa through investments, trade links, skills, and technology transfer. 

[READ ALSO: Netflix inks another Nollywood deal]

What you should know: Nollywood is globally recognized as the second largest film producer in the world. It is a significant part of the arts, entertainment and recreation sector, which contributed 2.3% that contributed N239 billion to Nigeria’s Gross Domestic Product (GDP) in 2016, for instance.    

onebank728 x 90

Apart from Afreximbank, the Federal Government also identified Nollywood as one of the priority sectors in its Economic Recovery and Growth Plan (ERGP), with a planned $1 billion in export revenue by 2020. 

  

 

app
GTBank 728 x 90

Patricia

Reincarnated as a lover of stocks, Angel investors, seed funds, and anything aligned to tech or startups raising money, Joseph's work at Nairametrics involves following the money to wherever it leads. Before joining Nairametrics, he won an investigative journalism fellowship with ICIR, appeared in several national dallies, with hard-hitting opinions, features and investigative pieces. He has also engaged in content marketing and copywriting for a top e-commerce firm in Nigeria.

Click to comment

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Tech News

3 startups to get N3 million grant each in the COVID-19 virtual hackathon 

The hackathon hopes to identify accessible and cost-effective E-Learning solutions for public schools.

Published

on

The Nigerian Communications Commission has announced that 3 finalist startups will get a grant of N3 million each at the end of the COVID-19 virtual hackathon 

These three startups will be selected from submitted entries that meet all the criteria and provide adaptable digital solutions for addressing the present and future impacts of pandemic and epidemic diseases 

UBA ADS

The solutions must be novel, clearly explained, with proof of concept  

NCC announced this through a statement published on its Twitter handle.  

The grant, it said, will enable the three startups with the most promising digital solutions to produce a prototype within 2 months of receipt.  

GTBank 728 x 90

According to the statement, submitted entries are expected to provide solutions in sectors such as health, digital communications, education, transportation.  

For those in health, the solutions should find a way to empower frontline healthcare workers or prevent, trace, and contain the spread in Nigeria.  

Solutions in digital communications are expected to aid the sustenance of economic activities and people-to-people communication while encouraging social distancing without compromising productivity. 

onebank728 x 90

The hackathon also hopes to identify accessible and cost-effective E-Learning solutions for public schools, as well as improved safety measures in public transportation in Nigeria.  

Interested tech hubs, startups and innovative digital SMEs can still submit entries on or before July 17, 2020.  

app
GTBank 728 x 90
Patricia
Continue Reading

Financial Services

CBN expands scope of regional banks in Nigeria, gives compliance timeframe

The aim of this directive is to expand the reach of the regional banks across the country, the CBN said.

Published

on

Regional Banks

The Central Bank of Nigeria (CBN) has expanded the scope of regional banks in the country, by requiring them to open branches in at least one additional geopolitical zone outside of the existing geopolitical zones where their operating licenses cover.

A circular that was issued earlier this week by the apex bank said this new directive is in accordance with “section 8 (g) of the CBN Scope, Conditions & Minimum Standards for Commercial Banks Regulations no [1] 2010 as revised on September 4, 2019.” 

UBA ADS

The new directive took effect on Friday, June 26, 2020. In other words, all the regional banks are expected to have become aware of this development since then. They now have a timeframe of six months to establish their presence in the geopolitical zones outside of where they currently operate.

It should be noted that prior to this time, regional banks in the country typically operated in at least two geopolitical zones of the federation. However, in line with the new expansion, the CBN shall now prescribe an additional geopolitical zone for each of these regional banks, thereby making the coverage area three geopolitical zones per regional bank.

Meanwhile, the CBN said the aim of this directive is to expand the reach of the regional banks across the country, whilst ultimately promoting financial inclusion. Note also that the new directive affects all regional banks, both the ones engaged in commercial banking and non-interest banking. Some part of the circular said:

GTBank 728 x 90

“Effective the date of this circular, all banks with regional authorisation shall be required to operate from one additional geopolitical zone as may be prescribed for each institution by the CBN, without prejudice to the existing requirement of the minimum of two (2) geopolitical zones of the federation. The essence is to promote spread and balance of the regional banks across the country.

“The compliance timeline to establish operational footprint at the advised zone shall not exceed six (6) months from the issuance of the regulatory advice to each regional bank by the CBN.”

onebank728 x 90
Patricia
Continue Reading

Economy & Politics

Nigerian and US Authorities battle former Enron Nigerian Subsidiary over $80 million Yacht

Both Nigerian and American governments have opposed Enron Nigeria’s appeal. 

Published

on

19 years after the bankruptcy of Enron Corporation, one of the biggest corporate bankruptcies in American history, a former subsidiary of the company is battling Nigerian and American Authorities over the sale of a yacht valued at over $80 million acquired by Nigerian businessman Kolawole Aluko. 

The yacht was seized by the US Government in 2018 after prosecutors say it was bought with the proceeds of bribes paid to Nigeria’s former Minister of Petroleum, Diezani AlisonMadueke. 

UBA ADS

The yacht was later auctioned for $37 million in 2019. The Nigerian government also dropped claims to the proceeds of the sale recently and a Texas Court ordered all proceeds should be retained by the US Government. 

However, a former unit of the Bankrupt Enron, Enron Nigeria Power Holdings claims its entitled to the proceeds and demands $22 million in a bid to get an arbitration awarded to them against the Nigerian government for suspending a contract signed with Enron in 1999 to build and operate a Power plant. 

(READ MORE: Nigeria leads Africa combined in Q2 2020 on BTC P2P)

GTBank 728 x 90

Enron Nigeria claims the Nigerian government dropped claims to the proceeds of the yacht’s auction in an attempt to fraudulently transfer assets to stop creditors from accessing them. Saying Nigeria dropping its claims was a recognition of the factual and legal basis” in a DOJ court filing. 

Both Nigerian and American governments have opposed Enron Nigeria’s appeal. 

Enron Nigeria Power Holdings Ltd is owned by ex-Enron staff involved in the negotiations for the Power Plant contract in Nigeria and was bought out of bankruptcy for $750,000 in 2004 by a Cayman Islands registered company. 

onebank728 x 90

An arbitration ruling in 2012 awarded Enron Nigeria Power Holdings $11.2 million including interest in damages against the Nigerian government. 

The DOJ says Mr. Aluko bought the yacht for $82 million in 2013 and funded a lavish lifestyle for Alison Madueke in exchange for NNPC contracts valued at over $1.5 billion. 

Aluko and his business partner, Olajide Omokore are also accused of laundering illicit revenues into and through the United States

app
GTBank 728 x 90

Patricia
Continue Reading