Microsoft Word - Achieving the promise of african cultural e

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

18