Leading filmmakers, thespians, investment experts, distributors and producers converged on Alliance Francaise in Ikoyi, Lagos last Friday seeking means to unlock the potentials of Nollywood for the next one decade. The event was The Lagos Business of Film Summit organaised by Cinemax Distribution Ltd with the theme Unlocking the Potential of Nollywood, The Next Decade, an initiative of the Film Business Forum, Assistant Editor Arts Ozolua Uhakheme reports.
Despite the heavy down pour last Friday morning, the hall of Alliance Francaise in Ikoyi Lagos was a busy hub. But, for the little delay, the summit kicked off with high hopes as stakeholders examined the missing gaps in the growth of Nollywood in the next one decade. The gathering, which drew participants from the creative industry and the financial sector, featured the Chief Executive Officer, Cinemax Distribution Ltd, Mr. Ope Ajayi, Executive Director, National Film and Video Censors Board, Dr. Shaibu Husseini, CEO, ChapelHill Denham, Mr. Bolaji Balogun, Founder of EbonyLife Media, Ms Mo Abudu, Filmmaker Kunle Afolayan, Founder, Brown Girl Media, Bisola Aiyeola, Foundr, Beeta Productions, Bikiya Graham Douglas, Ms Ladun Awobokun, and General Manager of Cinemax Distribution Ltd, Ms Onyeka Nnama, among others.
Setting the tone for the day’s dialogue, Mr Ajayi identified credible data, structure and policy support as critical elements that would enable Nollywood to fully realise its economic potential, saying the industry’s value remained unclear despite its global influence.
Ajayi said that lack of accurate data on annual output and revenue underscored deeper structural gaps that hinder the industry’s ability to capture and maximise its value. He noted that while Nollywood’s contributions to employment, culture and Nigeria’s global soft power were widely acknowledged, its commercial returns remained disproportionately low. Ajayi stressed the need for deliberate government policies, incentives and rebates to attract more foreign productions and partnerships to Nigeria, urging stakeholders to define a clear narrative for Nollywood as storytelling plays a critical role in shaping how nations are perceived globally.
According to him, the summit was aimed at fostering dialogue, partnerships and practical solutions that would move the industry beyond discussions of potential to sustainable value creation.
Executive Director National Film and Video Censors Board (NFVCB), Dr Shaibu Husseini, said unlocking Nollywood’s full potential would require intentional collaboration across the value chain, including creatives, investors, distributors, technology partners, and regulators.
“The industry must move beyond volume to value by strengthening storytelling, professional standards, financing models, and inclusive distribution systems. With the right partnerships and shared vision, Nollywood can, in the next decade, unlock new markets, empower communities, and consolidate its place as a global cultural and economic force,” he said.
Hussein noted that the NFVCB is working on a new framework to deepen grassroots access to Nigerian films through community cinemas and regulated mobile exhibition platforms. He explained that the initiative was designed to take Nollywood beyond traditional urban screens, expand audience reach, create new revenue streams for producers and stimulate local creative economies, while also ensuring proper classification, content protection and accountability.
“By formalising and supporting these alternative exhibition channels, the NFVCB aims to bridge the gap between creators and underserved audiences, strengthen data capture, and build a more inclusive and sustainable film ecosystem. With the right partnerships and shared vision, Nollywood can, in the next decade, unlock new markets, empower communities, and consolidate its place as a global cultural and economic force,” he added.
Founder, EbonyLife Media, Ms Mo Abudu emphasised the importance of collaboration and prioritising of strong storytelling before focusing on funding. Abudu said: “We must research and understand what is going on in the global market to unlock the potential of our industry, Nollywood. We must build on our ecosystem. We must concentrate on creating local contents for local and then create for global space.” Abudu hinted that a replica of the EbonyLife Studio would be opened in London by July. She expressed optimism that the next decade would witness a surge in streaming platforms, creating abundant opportunities.
Speaking on Financing Film Projects: Structure, Access and ROI Chief Executive Officer Chapel Hill Denham, Mr Bolaji Balogun underscored the need for education, collaboration and an enabling environment to attract investment and unlock the full value of Nigeria’s creative and entertainment industry.
Balogun said the creative sector could account for between 20 and 25 per cent of Nigeria’s Gross Domestic Product in the long term, translating to a minimum value of about 250 billion dollars, if properly harnessed.
He said access to capital depended on credible evidence of success, urging industry players to document and share accurate data on revenues and returns. He emphasised the importance of investing in infrastructure across production, post-production and distribution, noting that such investments required long-term capital and partnerships with institutional investors.
He highlighted the need for structured talent development, saying most industry professionals were self-taught and that large-scale training institutions were required to meet future demand. Balogun also called for improved talent management, digitalisation and preservation of content, including Nigeria’s historical audiovisual archives. Filmmaker Kunle Afolayan emphasised the importance of thorough research in storytelling.
“To unlock the potential of Nollywood in the next decade, we must focus on producing films for posterity,” he said. Afolayan debunked rumours that he does not collaborate, as he announced his interest in working with his colleagues going forward.
The Managing Director Chapel Hill Denham Nigeria SME Ltd, Ms Tosin Dabiri, announced the company’s new initiative, the Creative Catalyst Fund for filmmakers. She explained that the portal is now open as she provided details on how creatives can apply. Ms Onyeka Nnama, General Manager of Cinemax Distribution Ltd., speaking on “Box Office Showtimes,” proposed extending the minimum screening period for films from one week to two weeks, citing the limited number of screens and showtimes. “It is important that filmmakers make films that people want to see as you engage the right faces,” she said.
