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people such as makeup, props and printing. For comparison purposes, the creative
industry (movie and television) in Hollywood contributes over US$16 billion to the State
of California’s economy, directly employing 164,000 people and indirectly another
184,000. Therefore, there is no doubt that Nollywood, thanks to a large domestic market
(150 million Nigerian) and a high demand for its national movie production, can grow
while contributing to poverty reduction through job creation in Nigeria.
Whether Nollywood could capture a greater proportion of the revenue stream it would
become the fourth biggest economic sector contributing to GDP and would rank as the
third biggest sector in per cent of non oil exports
. According to World Bank, the lost
industry revenue in North America alone, due to the absence of formal distribution
channel, could be as high as US$200 million. Further the contribution of the film industry
amounts to 5 % of GDP and it can be can be assumed that Nollywood’s revenues
amounts to more than US$500 million.
(yes but we have USD 250 million in the PAD
but 500 come from
NFVCB
).
It is interesting to notice that the industry has developed
into a profitable cluster without the intervention of the government and that thus with
sound governmental policies, Nigeria could certainly strengthen its worldwide market
share in entertainment.
Figure 10 : The movie industry could contribute significantly to the Nigeria GDP
Figure 11 : Nollywood has a great potential in terms of exports revenue