FROM COMMODITY TO CREATIVITY: EXPLORING THE ECONOMIC POTENTIALS OF THE NIGERIAN FILM INDUSTRY

Kenneth Kalu
Ryerson University, Toronto, Canada

ABSTRACT

The recent fall in the international price of crude oil has further weakened Nigeria’s
already frail economy. Consequently, the Nigerian government has begun to emphasize economic
diversification as part of its policy thrusts. However, government’s idea of economic
diversification seems to revolve around exploration of solid minerals and agricultural products.
By focusing on natural resources alone, the Nigerian government is missing the mark in the drive
for economic diversification. This is because solid minerals are in the same category, and are
amenable to similar market dynamics as does crude oil. This study explores the Nigerian film
industry, Nollywood, as a potential sector for economic diversification and driver of the country’s
economic growth. Findings from a review of the global film industry show that Nollywood can be
a significant source of economic growth for Nigeria.

Keywords: Economic diversification, economic growth, film industry, Nigeria, Nollywood