Region
Nigeria

Sector
Media

Summary:

Nigeria’s government has identified the film industry as a fertile ground for potential investors. The industry is now heading towards a new phase of growth, and development, which has the potential to strengthen the country's economy.

Contact
TradeInvestNigeria

Email
infonigeria@gan.co.za

Nigeria’s government has identified the film industry as a virgin ground for potential investors. Referred to as ‘Nollywood’, the film industry is worth over $250-million and has seen substantial growth in the last two decades. It is the third-largest movie industry in the world and now heading towards a new phase of growth and development, which has the potential to strengthen Nigeria’s economy.

Besides the local market, Nigerian films have been very successful in the rest of Africa and internationally where there is a large community of diaspora. The demand for Nigerian films has been recognised by cable channels in the US and Britain. A large number of the two million Nigerians living in the UK buy imported Nollywood DVDs and videotapes.

Investment opportunities

• Financing production and the building of professional film sets
• Improving and designing distribution and marketing channels
• Establishment of film training institutes to develop the needed skills
• Technical assistance
• Curbing piracy

Investing in Nigeria

Nigeria is Africa's most populous country with a population of 150 million. This makes one in every six Africans a Nigerian. It is also one of the largest oil producer on the continent creating huge inflows of foreign income. The country hold huge potential and the government is focusing on developing the non-oil economy and tackling corruption and red tape. The explosion of industries such as the mobile telecommunications market and the unparalleled success of foreign companies such as South Africa's MTN have also demonstrated that potential can be turned into reality. Despite persistent problems in the investment climate, the international business community increasingly sees Nigeria as the central driver of a vast African market that remains the last under-developed commercial market in the world.

How to be successful in Nigeria

1. Authenticate potential business partners through official channels or people you know.
2. Never pay bribes.
3. Be patient - establishing long-term relationships and mutual trust are the key to success in Nigeria.
4. Be aware of religious, economic and political sensitivities – particularly in the north.
7. Go to Nigeria and meet your partners. Don't expect success without making the effort to establish proper relationships.

For further information on this opportunity contact TradeInvestNigeria at infonigeria@gan.co.za