Nollywood Is Nigeria’s New Oil -NFVCB

The National Film and Video Censors Board (NFVCB) has proudly indicated that the Nollywood is ‘Nigeria’s new oil’.

This proclamation was made by NAN, Adedayo Thomas, NFVCB’s executive director.

He disclosed this while speaking during a courtesy visit to the national secretariat of the Nigeria Union of Journalists (NUJ) in Abuja on Friday.

Thomas explained that Nigeria’s movie industry could attract investors, create jobs and in turn, grow the economy.

Thomas stated that the unemployment rate would have been worsened if not for the steady growth of the movie industry.

He said:“The film industry in Nigeria is currently the largest employer of labour with its exponential growth.”

“In 2019, CinemaCon, the largest gathering of movie theater owners from around the world, celebrated Nigerian Cinema with an ‘Emerging Market Award. An award Nigeria still holds to date.

“Nigeria’s cinema was accorded the honour, following its three-year consecutive exponential growth.”

Thomas indicated that the number of cinemas in Nigeria rose from 20 in 2017 to 62 in 2021.

He added that:“The feat was achieved due to the commitment and determination of governments to economic diversification,” the NFVCB boss added.

“The film industry is the new oil that can attract investors, create jobs, and boost the nation’s GDP if adequate attention is given to it.

“The industry is no longer for entertainment alone, but it offered great opportunities in creating a lot of jobs for the youths.

“We always see new faces every day in the industry. Assuming this industry is not waxing stronger, joblessness would have pervaded everywhere.”

Crude oil accounts for more than half of the government’s income and about 90 percent of Nigeria’s forex earnings.

“New oil” signifes that Nigeria is still in search for alternative revenue sources.

Concerns have been raised in the need for diversification to give space to other industries.

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