Nollywood bets on popularity to woo more investors (businessday.ng)

If thats fixed, more platforms beyond Netflix will be attracted to our market, Odugbemi said.

Patrick Enaholo, a lecturer at School of Media and Communication, PanAtlantic University, said the disparity has to do with the maturity of each industry, adding that the film industry in South Africa is more advanced and closer to international standards than Nigerias.

Perhaps this has something to do with its longevity the industry dates back to the 1910s, but Id also say that it is connected to the number of Oscarnominated movies and actors from SA.

These are steps that indicate to foreign investors that the government prioritises growth in the film sector, Odugbemi said.

Even though regulations and capacity building have helped the industry to grow, lack of direct funding has proven to be a setback for filmmakers who would like to make movies with visual effects studios and the most sophisticated technologies to make their films more appealing to not just audiences in Nigeria but globally.

Enaholo agrees that tax incentives will help in Nollywood but remains sceptical that it will be effectively implemented as the industry is not as structured as that of South Africa.

Sounds like the chicken and egg conundrum, right

A filmmaker who chose to remain anonymous has up to three short film projects ongoing but needs financial backing in the range of N3 million to N5 million to get the projects completed and sent to the distributor.

Nollywoods expansion has been organic in its essence and building policy structures, and infrastructure to sustain that growth seems clearly the vital next steps, Odegbemi said.

Experts also cited the high cost of doing business in Nigeria as a setback for foreign investment in Nollywood.