Nigerian Creative Economy to Reach $15 Billion Valuation by 2025 as Cinema Industry Sets Record-Breaking Milestones.
Nigeria’s creative economy is poised for exponential growth, with projections by Mustard Insights indicating a valuation of $15 billion by 2025. Currently employing over 4.2 million people, the sector is expected to generate an additional 2.7 million jobs in the next five years, affirming its position as a key driver of economic transformation.
The nation’s cinema industry exemplifies this growth, delivering an unprecedented performance in December 2024. Nigerian cinemas recorded N2.8 billion in box office revenue, the highest monthly gross since December 2019, with over 537,000 tickets sold. This achievement underscores the surging popularity of Nollywood films and the resilience of the entertainment industry.
At the forefront of December’s box office success was the Nollywood blockbuster Everybody Loves Jenifa. Starring and co-directed by Funke Akindele, the film grossed an impressive N1.035 billion by its third weekend, solidifying its place among the highest-grossing Nollywood productions of all time. During the final weekend of December alone, it brought in N250 million, captivating audiences with its blend of humor and heart.
READ ALSO: Tinubu directs return of history to Nigerian schools by 2025
Other Nollywood releases also performed admirably. The family adventure Mufasa earned N267 million, while Alakada: Bad & Boujee secured N205.3 million.
Hollywood blockbusters contributed to the month’s success. Disney’s Moana 2 grossed N358.3 million over five weeks, and Sonic 3 debuted with N70.6 million in December, attracting diverse audiences to cinemas nationwide.
The highlight of the month was Boxing Day, which saw 47,672 tickets sold, making it the busiest single day for cinemas since the pandemic. This figure also ranks as the third-highest in Nigerian box office history, following December 26, 2018, and 2019.
The Nigerian cinema industry’s resurgence can be attributed to several factors:
- High-Quality Nollywood Films: Nigerian filmmakers are producing stories that resonate deeply with local and international audiences.
- Increased Consumer Spending: An average ticket price of N5,220 demonstrates audiences’ willingness to pay for premium entertainment experiences.
- Government Support: The N5 billion Creative Fund, launched earlier in 2024, has empowered filmmakers to create ambitious projects, enhancing the industry’s competitiveness.
The December 2024 box office performance signals a promising future for Nigerian cinema. Experts forecast total box office earnings to surpass N10 billion by the end of 2025, solidifying Nigeria’s position as a leader in Africa’s film market.
Beyond box office success, this growth reflects the broader potential of Nigeria’s creative economy. Nollywood is not just entertaining millions; it is creating jobs, boosting the economy, and showcasing the richness of Nigerian culture on a global stage.
As new films continue to captivate audiences and support for the creative sector grows, Nigeria’s cinema industry is on track to achieve even greater heights in the years ahead.
