Nollywood needs better data, policy support to unlock economic potential – Ope Ajayi, Cinemax boss

By Benjamin Njoku

The Chief Executive Officer of Cinemax Distribution Limited., Mr. Ope Ajayi, has emphasized the need for improved data, structure, and government support to enable the Nigerian movie industry realize its full economic potential.

Speaking at the Lagos Business of Film Summit, which was organized by his organization, Ajayi highlighted the industry’s unclear value despite its global influence, citing lack of accurate data on annual output and revenue as a major issue.

He called for deliberate government policies, incentives, and rebates to attract foreign productions and partnerships, stressing the importance of storytelling in shaping Nigeria’s global image.

According to him, lack of accurate data on annual output and revenue underscored deeper structural gaps that hinder the industry’s ability to capture and maximize its value. He noted that while Nollywood’s contributions to employment, culture and Nigeria’s global soft power were widely acknowledged, its commercial returns remained disproportionately low. He urged stakeholders to define a clear narrative for Nollywood, stressing that the summit was aimed at fostering dialogue, partnerships and practical solutions that would move the industry beyond discussions of potential to sustainable value creation.

Dr. Shaibu Husseini of the National Film and Video Censors Board (NFVCB) echoed the need for collaboration across the value chain to unlock Nollywood’s potential.

“The industry must move beyond volume to value by strengthening storytelling, professional standards, financing models, and inclusive distribution systems. With the right partnerships and shared vision, Nollywood can, in the next decade,unlock new markets, empower communities, and consolidate its place as a global cultural and economic force,” he said.

Hussein noted that the NFVCB is working on a new framework to deepen grassroots access to Nigerian films through community cinemas and regulated mobile exhibition platforms.

He explained that the initiative was designed to take Nollywood beyond traditional urban screens, expand audience reach, create new revenue streams for producers and stimulate local creative economies, while also ensuring proper classification, content protection and accountability.

Ms Mo Abudu, Founder of EbonyLife Media, who delivered the keynote address emphasized the importance of collaboration and prioritizing strong storytelling before focusing on funding.

In her words: “We must research and understand what is going on in the global market to unlock the potential of our industry, Nollywood. We must build on our ecosystem. We must concentrate on creating local contents for local and then create for global space.”

Abudu hinted that a replica of the EbonyLife Studio will be opened in London in July. She expressed optimism that the next decade would witness a surge in streaming platforms, creating abundant opportunities.

Speaking on “Financing Film Projects: Structure, Access and ROI” Mr Bolaji Balogun, Chief Executive Officer of Chapel Hill Denham underscored the need for education, collaboration and an enabling environment to attract investment and unlock the full value of Nigeria’s creative and entertainment industry.

Balogun said the creative sector could account for between 20 and 25 per cent of Nigeria’s Gross Domestic Product in the long term, translating to a minimum value of about 250 billion dollars, if properly harnessed.

He said access to capital depended on credible evidence of success, urging industry players to document and share accurate data on revenues and returns.

He emphasised the importance of investing in infrastructure across production, post-production and distribution, noting that such investments required long-term capital and partnerships with institutional investors.

He highlighted the need for structured talent development, saying most industry professionals were self-taught and that large-scale training institutions were required to meet future demand.

Balogun also called for improved talent management, digitalisation and preservation of content, including Nigeria’s historical audiovisual archives.

Filmmaker Kunle Afolayan emphasised the importance of thorough research in storytelling
“To unlock thr potential of Nollywood in the next decade, we must focus on producing films for posterity,” he said.

On his own part, Afolayan debunked rumours that he does not collaborate, as he announced his interest in working with his colleagues going forward.

Ms Onyeka Nnama, General Manager of Cinemax Distribution Ltd., speaking on “Box Office Showtimes,” proposed extending the minimum screening period for films from one week to two weeks, citing the limited number of screens and showtimes.

“It is important that filmmakers make films that people want to see as you engage the right faces,” she said. The summit with the theme “Unlocking the Potential of Nollywood, The Next Decade”, is an initiative of the Flim Business Forum.

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