Nollywood Worth 52.2 Billion Naira

 8th May 2008

Nigeria's movie industry, popularly called Nollywood, has a net worth of N52.2 billion ($450m), Information and Communications Minister, Mr John Odey, said yesterday in Abuja. Odey, who opened the 2008 Zuma Film Festival, said the 'industry came out of nothing' to emerge the third largest content provider in the world, behind Bollywood and Hollywood.

 He said this was to underscore the point that no matter the state of the country's economy, "Nigerians have what it takes to salvage any situation with their creative ingenuity". The minister also said that the movie industry had created employment opportunities for Nigerian youths. Odey said that government would continue to assist the film industry so that it could impact positively on the socio- economic development of the country.

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