The Nigerian cinema industry has achieved significant growth in 2024, with box office revenue reaching N8.76 billion year-to-date, reflecting a 59% increase compared to the same period last year.
While ticket admissions have declined by 0.5%, higher revenue indicates increased average ticket prices and strong performance from high-grossing films.
One of the standout contributors to this surge is new comer Disney’s Moana 2, which is on track for an opening weekend surpassing N100 million.
If achieved, this would set a new record for animated films in Nigeria, overtaking the N28.4 million debut of Spider-Man: Across the Spider-Verse in 2023.
The film’s strong performance highlights the continued appeal of family-oriented international titles.
Nigerian productions continue to dominate the market, accounting for over half of 2024’s total box office revenue. Local films have maintained impressive momentum, with at least one title crossing N100 million in earnings each month.
Funke Akindele’s upcoming Everybody Loves Jenifa, set for release on December 13, is one of the most anticipated titles this year. Akindele’s films have been major contributors to the industry’s growth, with her releases in 2023 alone grossing over N1 billion. Other December releases include Toyin Abraham’s Alakada: Bad and Boujee, Seven Doors, Thin Line, and Christmas in Lagos.
December has become a key month for Nigerian cinema, a trend established by the success of The Wedding Party in 2016. That film held the record for the highest-grossing Nigerian film until it was surpassed by Omo Ghetto: The Saga in 2020. The tradition of releasing star-studded blockbusters during the holiday season has continued to drive audience engagement and boost revenues.
Despite a slight dip in admissions compared to the previous year, the Nigerian film industry has leveraged its ability to produce consistent hits, both domestically and internationally. With major titles scheduled for release in December, the industry is poised for a record-breaking conclusion to an already remarkable year.
Backstory
According to a presentation given by Moses Babatope, CEO of NILEgroup, the possibilities for a major turnaround for the industry.
Babatope alluded to 2004, when there was only one cinema in Nigeria; now, we have about 90 cinemas and 325 screens across Nigeria and Ghana. While this is modest growth, it’s still far from matching our population or output as a content-creating industry,” he explained.
Despite challenges such as foreign exchange pressures and rising costs, Babatope remains optimistic. “We hope to see attendance growth of 10-15% by year’s end. The resilience of cinemas in times of economic uncertainty is a clear indicator that there’s something fundamental about the Nigerian audience’s connection to the big screen.”