Diversification: Movie producers woo investors

Mrs Imaobong Abia, the Chairperson of the association, Federal Capital Territory (FCT) chapter said this in an interview with the News Agency of Nigeria (NAN) in Abuja.

Abia said that investing in Nollywood with its rich potential would assist the Federal Government in the diversifying the economy from dependence on crude oil.

“There are so many corporate bodies and individuals with huge investments in oil and related businesses, let them diversify into our movie industry.

“We want to contact them and discuss the opportunities that abound in Nollywood with them,” she said.

Abia said that the association had set up a committee to source and discuss with financial institutions and other investors to channel their resources toward exploring the sector.

“We shall be having discussions with them to enlighten on how the industry works and how they can benefit from investing in it.

“We have the human capital, so let them provide the financial resources so we can build a very strong and virile economy together,” she said.

Abia said that besides investment opportunities which abound in the Nigeria’s movie industry, “it is also a major provider of employment’’.

READ: Niger Gov Signs MOU To Make Minna Data Hub

She said that average of 50 persons besides the crew members were involved in producing a single movie depending on the script.

“Before you now consider other ancillary services attached to film making; all these are jobs for our teeming unemployed youths,” Abia said.

NAN reports that Nigeria’s movie industry, popularly known as Nollywood is the second largest movie industry in the world behind Indian’s Bollywood.

It has an estimate of one million people directly or indirectly working in the industry.

Production, distribution and screening of moving pictures have become the country’s second-biggest source of employment after agriculture.

In 2014, Nollywood reportedly contributed more than 1.4 per cent of GDP or 7.2 billion dollars to Nigeria’s economy.