Nollywood Hits N853.9 Billion

Nigeria’s movie industry better known as Nollywood is now worth $5.1 billion about N853.9 billion.

The figures were released during the week by Minister of Finance Dr. Ngozi Okonjo-Iweala and Nigeria’s Chief Statistician, Mr. Yemi Kale after embarking on re-evaluation of the Nigerian economy.

Prior to this exercise, it was Leke Alder Consulting, a private firm that had estimated that the total market potential of the film industry relative to the size of the economy was over N522 billion, up from US1.9 million(N250 million) in 1994, while PricewaterhouseCoopers projected that the industry would generate US$600 billion in the year 2010.

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Okonjo-Iweala explained that the rebased Gross Domestic Product(GDP) numbers imply that the level of economic activity is much higher than previously reported,” the finance ministry said, adding that the economy was becoming more driven by the service sector.