How to position Nigeria's entertainment industry for investment

Nigeria's entertainment industry is on the brink of a major transformation with the entry of streaming service providers like Netflix Naija, Showmax, and the imminent arrival of giants like Amazon Prime Video, Universal Studios, and HBO. As the demand for African content continues to rise globally, industry stakeholders are looking at how Nigeria can position itself for increased investment and sustainability. Chioma Ude, the founder of the Africa International Film Festival, shared insights on the current state of the industry and the necessary steps to take it to the next level. Nollywood, Nigeria's film industry, has gained recognition worldwide for its authentic storytelling and unique perspective. With a growing appetite for African stories, there is a significant demand for Nigerian content across various platforms. However, the challenge lies in building the infrastructure and capacity to meet the increasing demand for high-quality productions. According to Ude, while Nigeria has made strides in developing talent, there is still a need for more training and exposure to international standards. One of the key issues facing the industry is the lack of sufficient capacity to handle multiple large-scale productions simultaneously. Ude emphasized the importance of skill development and highlighted the need for more film schools that can provide practical training in line with global standards. She also pointed out the significance of partnerships with other African nations like Morocco, where technical expertise in filmmaking can be leveraged to enhance Nigeria's production capabilities. The conversation also touched on the potential investments from major players like Universal Studios and HBO, as well as the strategic approach of Amazon Prime Video in scaling up the industry. Ude highlighted the upcoming participation of Amazon's CMO at the Africa International Film Festival, where discussions on the African strategy and opportunities for collaboration will take place. As more streaming platforms enter the Nigerian market, there is a growing sense of optimism about the industry's future. Showmax has already started investing in original content, while Netflix Naija and Amazon Prime Video are exploring ways to support and nurture young filmmakers. The influx of major players is expected to not only boost the local industry but also attract additional investments from other international companies. In conclusion, the key to unlocking Nigeria's potential in the entertainment industry lies in strategic partnerships, capacity building, and a commitment to quality and innovation. With the right support and investments, Nigeria is poised to become a leading hub for African content production and distribution.