As economists worldwide continue to seek new ways of nipping meltdowns in the bud, fresh facts emanating from Nollywood, the budding movie industry in Nigeria, reveal that the industry is one of the casualties of the ugly global trend.
To this end, some of the major players in the industry are diversifying to other ventures in order to remain afloat, while a majority of others have had to call it quits.
Sources in the industry also confirmed to us that at the moment, the total output of movies is about one-third of the original volume the industry was known for.
According to Alex Eyengho, the National President of Association of Nollywood Core Producers (ANCOP), total output of movies reduced, owing to several factors.
“The industry is part and parcel of the entire economy, and it is only natural that whatever happens in the general picture will affect the individual components. First and foremost, with the restructuring in the banks as a result of the meltdown, producers were not able to access funds readily like they used to in the past. So that naturally affected the number of movies being shot. Before now, producers were targeting five or six movies in a year, but at the moment, most of them barely produce one movie in a year. In the real sense of the word, it is also a sign of a wake up call. If you want to be relevant and remain in business, you will also have to look for new ways of distributing your works. So I will say that say that the meltdown is also a blessing in disguise”.