Nigerian films claim 50.4% of box office revenue, surpassing foreign competitors – Dr. Patric Doyle
Renowned Nigerian actor Dr. Patric Doyle has revealed that the Nigerian film industry achieved a significant milestone in 2024, securing 50.4% of box office revenue and surpassing foreign films.
This achievement was highlighted at the 7th Nigeria Diaspora Investment Summit (NDIS7), where industry leaders gathered to discuss the investment potential within Nigeria’s creative sector.
Renowned Nigerian actor Dr. Patric Doyle, who moderated a panel on the “Appraisal of Investment Prospects in the Nigerian Creative Industry,” noted the substantial growth of Nigerian cinema citing the recent success of Blackbook as the most successful African film on Netflix.
“Nigerian films now account for 50.4% of the box office revenue, surpassing foreign films. This remarkable achievement is largely attributed to the exceptional work of Nigerian actors, producers, and filmmakers, like RMD, lead actor in the film “Blackbook”, named the most successful African film on Netflix,” Doyle stated.
Doyle emphasized that NDIS7 offers a unique opportunity for diaspora investors to tap into this momentum.
Investment opportunities
Panelist Idris Olorunnimbe, founder of The Temple Company, highlighted the profitability of Nigeria’s creative industry and urged the diaspora to seize investment opportunities.
“The Diaspora can invest in infrastructure, skills, and talents in this industry and own something that’s profitable,” Olorunnimbe said.
He pointed out the increasing global demand for Nigerian content and stressed the role of data-driven decision-making.
“The marketplace is data, and there are people like us, who are willing and able to use your money wisely and get you the best product and returns on investment.”
Afrobeats’ global success
Ayo Animashaun, founder of Hip TV, celebrated the international success of Afrobeats and stressed the need for more investment to harness its full potential.
“We have not milked the popularity of our music enough; last year, Afrobeats recorded over $345 million in streaming across only two platforms, and Nigerian artists sell out big shows around the world. The opportunities are massive, we need the Diaspora to invest in more record labels and to create more festivals for Afrobeats,” Animashaun said.
Nigerian-Canadian filmmaker Niyi Akinmolayan highlighted the untapped potential of Nigeria as a film production hub, calling on stakeholders to leverage the country’s resources and talent to create content that resonates globally as Nigeria is capable of making large-scale film projects.
“The content doesn’t even have to be completely Nigerian. We have all the space, the land, and capable hands to shoot some of the big motion films in the world right here back home,” he said.
Richard Mofe Damijo (RMD), a prominent Nollywood actor, expressed that building trust between Nigerian businesses and diaspora investors could lead to broader economic growth across multiple sectors.
