Nollywood, as Nigeria’s movie industry is widely known, has grown in leaps and bounds since the acclaimed 1992 home video movie, “Living in Bondage”. In less than two decades, the average film production budget has increased by ten-fold to about US$250,000 to US$750,000 while straight to DVD release has given way to windowing across theatrical, TVOD, SVOD, and/or DVD. Nigeria’s TV and video market revenue grew by 7.49% to reach US$732 million in 2018 and was projected to reach US$806 million by the end of 2020. Widely known for comedy, drama, and romance (many times of average storyline and quality), Nollywood producers and directors have in recent times pushed the envelope with the few resources at their disposal. Genres have expanded into horror, period pieces, musicals, animations and “nolly-noir”. However, the industry is still struggling and filmmakers are unable to be bold and ambitious particularly due to budgetary constraints.
To state the obvious, Nollywood needs co-production treaties to move to the next level.