The National Bureau of Statistics (NBS) has disclosed that Nigeria’s film industry, Nollywood, produced 416 movies in the first quarter of 2021, a decline compared to 903 movies produced in the last quarter of 2020.
The NBS disclosed this in its report titled ‘Nollywood Movies Production Data – Q2 2017 to Q1 2021’ on Friday in Abuja.
However, compared to Q1 2020, there was a 2.21% growth as Nollywood produced 407 movies same period in 2020. The NBS did not disclose reasons for the 54% decline in production between Q4 2020 and Q1 2021.
The data provided by National Film and Video Censors Board (NFVCB) and verified by NBS also disclosed that other cities including Benin and Bauchi contributed to movie production for the period with at least 2 movies.
What you should know about Nollywood
- Nollywood’s continued international expansion has seen Nigerian online media distribution company, IROKO announce plans to go public on the London Stock Exchange Alternative Investment Market by 2022.
- IROKO will raise between $20 million and $30 million valuing the company at $80 million to $100 million. Founder, Jason Njoku holds an 18% stake in the company.