Segun Olugbenga, a film producer, says substantial measures must be implemented to make filmmaking more lucrative and sustainable in the country.
Olugbenga said this in an interview on Tuesday in Lagos.
The filmmaker emphasized the need for a comprehensive strategy that addresses the economic aspects of filmmaking in the country.
He said, “Our film industry possesses immense talent and creativity, but we need a supportive environment to harness its full potential.
“Financial incentives and strategic policies can make a significant difference,” he said.
According to him, Nigeria film industry can be said to worth 6.4 billion dollars, which produces about 2,500 films on a yearly basis.
He noted that many streaming platforms were coming to Africa because they had seen the potential in Africa, but budgeting for a film remains a big determinant for the success of any production.
“Nollywood’s prospects seem promising because of its capacity to create excellent works of cinema across several genres.
“With the help of streaming sites like Netflix, budding filmmakers now have a chance to develop professionally; produce films with talented performers; increasing the likelihood that Nollywood will rise to the top,” he said.
Olugbenga also suggested that the government should introduce tax incentives, grants, and subsidies for filmmakers to encourage more productions.
“Other countries have successfully implemented such measures, leading to a flourishing film industry. We need a similar approach to attract investments and promote local talent.
“Time is money in the film industry, and bureaucratic hurdles could be detrimental to the creative process. A more streamlined system will not only save time but also attract more projects.
“Collaborations with private entities can lead to mutually beneficial partnerships. The film industry is not just about entertainment; it’s a potential economic powerhouse that can generate revenue and employment opportunities.
“We have incredible stories to tell, and our filmmakers have the talent to captivate audiences worldwide.
“With the right support, we can create an environment where filmmaking is not just an art form but also a lucrative industry,” he said.
