The future of Nigeria's entertainment industry

Nigeria's entertainment industry is on the brink of a major breakthrough, with PwC forecasting the sector to be worth a staggering $8 billion in the next two years. The future looks bright for Nollywood, the Nigerian film industry, as it continues to evolve and impress audiences with high-quality productions. Biola Labi, the founder and CEO of Biola Labi Media Consulting, and Chigol, an actress and comedian starring in the new movie 'Banana Island Ghost,' recently discussed the industry's future in an exclusive interview with CNBC Africa. Labi emphasized the crucial role of infrastructure in the industry's success. With the development of cinemas and multiple distribution platforms like pay TV and video on demand services, the industry is experiencing significant growth and attracting more investments. The collaboration with international professionals, such as stunt coordinators from South Africa, not only enhances the quality of productions but also contributes to capacity building within the Nigerian entertainment sector. The duo revealed that 90% of the production costs for their latest film were sourced locally, showcasing the industry's resilience amid economic challenges, such as the recent recession and currency volatility. Chigol highlighted the evolution of Nollywood and the continuous improvement in quality, attributing the progress to the trailblazers who paved the way. The shift towards higher production standards has resonated with Nigerian audiences who now demand a superior filmmaking experience. Local movies are currently dominating box office sales in Nigeria, signaling a positive trend towards supporting homegrown talent and content. The global appeal of Nigerian movies is also on the rise, with audiences outside the country showing a keen interest in the industry's advancements. Chigol, who has experienced the diaspora's appetite for Nigerian films firsthand, noted the growing recognition of Nollywood's talent and the shift towards more sophisticated storytelling and production techniques. In terms of monetization, Labi outlined various strategies to capitalize on content distribution both locally and internationally. By partnering with pay TV operators, exploring video on demand services, and securing cinema releases in other African countries and beyond, Nigerian filmmakers are expanding their reach and revenue streams. Labi also mentioned discussions with French distributors to dub the movie in French, further broadening its accessibility and appeal. The conversation extended to the television sector, where Labi emphasized the improving quality of TV content and the global trend of investing in television series. With an array of genres and formats being explored, the Nigerian television landscape is evolving rapidly, setting the stage for even more diverse content offerings in the future. As the entertainment industry in Nigeria continues to flourish and adapt to new market dynamics, stakeholders like Biola Labi and Chigol are at the forefront of driving innovation and creativity. With a promising outlook and a growing fan base both at home and abroad, Nollywood is on track to make a significant impact on the global entertainment scene.