Key highlights
- Nigeria is ready to build film parks to attract investments as it implements the Free Trade Zone model for growth.
- Potential Indian investors would be given land and prioritized due to the size of the Indian film industry.
- Nigeria- India trade is worth about $15 billion annually.
The Nigerian Government has expressed readiness towards building film parks in Nigeria’s 2 largest cities, Lagos and Abuja.
This was disclosed on Tuesday by Nigeria’s Information Minister, Lai Mohammed after a meeting with the Indian High Commissioner to Nigeria, Mr Shri Balasubramanian, as Lai Mohammed added that Nigeria plans to collaborate with India in the creative industry.
Film Investors
The Minister of Information and Culture, Alhaji Lai Mohammed, said working with India is a no-brainer as it would be a strategic partner due to the size of its movie industry, Bollywood, he added:
- “We are ready to welcome Indian investors into Nigeria.
- “We will offer them land in both Abuja and Lagos to build comprehensive film cities in the two cities so that we can boost the economy of our creative industry.
- “We are open to collaborations between Nigeria and India in the area of creative industry.
Job creation
Lai Mohammed stated that taking advantage of the film industry’s opportunities would create jobs for Nigerian youths, as both countries are also the habitat of the biggest movie industries.
Before now, Bollywood and Nollywood had teamed up to produce some movies including ‘Namaste Wahala’, recalling that bilateral relations between Nigeria and India dated back to 1958 and it had been very cordial and one of Nigeria’s largest trade partners.
The Indian High Commissioner, Balasubramanian stated that Nigeria and India had enjoyed cordial relations in different sectors, including the creative industry, now adding India today the equation is more or less like seeking Nigeria’s participation at the G-20 especially those relating to the creative sector.
What you should know
Recall that Nairametrics reported last year that the trade between Nigeria and India is worth $15 billion and has the potential to reach $40 billion.
This was disclosed by Mr. V. Sharma, President of the Nigeria-India Business Council, during the launch of the council. The Nigerian Government disclosed that the NIBC will be a vehicle to further strengthen and consolidate partnerships and facilitate business actions between the business community of both countries.
- Mr. V. Sharma, President of NIBC in his words said that “India is already doing great business with this country and will continue to import more crude and gas from the country.
- “With 14 to 15 billion dollars of trade today, the potential is to reach about 40 billion dollars.
- “So please see, the gap is about 25 to 26 billion dollars. It is a big opportunity.”
