CINEMAX CEO OPE AJAYI URGES DATA-DRIVEN POLICIES TO BOOST NOLLYWOOD’S ECONOMIC IMPACT
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By: Fasasi Hammad
Cinemax Distribution Limited CEO, Ope Ajayi, has stressed the urgent need for improved data collection, structured systems, and government support to help Nollywood realize its full economic potential.
Speaking at the Lagos Business of Film Summit, organized by his company, Ajayi highlighted that despite Nollywood’s global influence, the industry’s economic value remains unclear, largely due to a lack of accurate data on annual output and revenue.
He called for targeted government policies, incentives, and tax rebates to attract foreign productions and partnerships, emphasizing the role of storytelling in shaping Nigeria’s international image. Ajayi noted that structural gaps and poor data management have limited the industry’s ability to maximize its commercial potential, even as Nollywood continues to create jobs, promote culture, and enhance Nigeria’s global soft power. He urged stakeholders to craft a clear narrative for the industry, adding that the summit aimed to foster dialogue, partnerships, and practical solutions to move Nollywood from potential to sustainable value creation.
Dr. Shaibu Husseini of the National Film and Video Censors Board (NFVCB) echoed the call for collaboration across the value chain. He emphasized the need to move “beyond volume to value” by strengthening storytelling, professional standards, financing models, and inclusive distribution networks. Husseini added that Nollywood, with the right partnerships and vision, could unlock new markets, empower communities, and solidify its place as a global cultural and economic force.
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The NFVCB is developing a framework to expand grassroots access to Nigerian films through community cinemas and regulated mobile exhibition platforms. The initiative aims to increase audience reach, generate new revenue streams, support local creative economies, and ensure proper content classification, protection, and accountability.
Keynote speaker Mo Abudu, Founder of EbonyLife Media, highlighted the importance of collaboration and strong storytelling before focusing on funding. She urged industry stakeholders to research global market trends and build on local ecosystems, producing content for local audiences first before targeting international markets. Abudu also announced plans to open a replica of EbonyLife Studio in London in July, expressing optimism that streaming platforms would create abundant opportunities in the next decade.
Bolaji Balogun, CEO of Chapel Hill Denham, speaking on “Financing Film Projects: Structure, Access and ROI,” stressed the importance of education, collaboration, and an enabling environment to attract investment and unlock Nollywood’s full economic value. He estimated that the creative sector could contribute 20–25% of Nigeria’s GDP, potentially generating at least $250 billion if properly harnessed. Balogun emphasized the need for credible revenue data to secure investment and called for long-term capital and partnerships to develop production, post-production, and distribution infrastructure. He also highlighted the importance of structured talent development, professional training institutions, digitalization, and preservation of Nigeria’s audiovisual heritage.
Filmmaker Kunle Afolayan underscored the need for thorough research in storytelling to ensure Nollywood’s sustainability and debunked claims that he avoids collaboration, expressing interest in working with colleagues on future projects.
Onyeka Nnama, General Manager of Cinemax Distribution Ltd., proposed extending the minimum screening period for films from one week to two weeks, citing limited screens and showtimes. She emphasized the need for filmmakers to produce content that resonates with audiences while working with the right partners.
The summit, themed “Unlocking the Potential of Nollywood: The Next Decade,” is part of the Film Business Forum’s ongoing initiative to advance the Nigerian movie industry.
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