BY BAMIDELE FAMOOFO
In the 2021 fiscal year, the Nigerian Cinema Industry earned GBO (Gross Box Office) revenue of N4.7 billion, a report from Agusto Market Intelligence disclosed.
The growth recorded in the financial year ended December 31, 2021, represents a significant increase (127%) from the prior year.
Agusto & Co hinted that considerable growth in GBO revenue was bolstered by a 15 percent rise in the average price of cinema tickets and an 88 percent increase in cinema admissions in the review period.
It is expected that the entertainment industry will get a boost with the intervention of the Bankers’ Committee to renovate the National Theatre in Lagos.
In July 2020, the federal government handed over the facility to the CBN and the Bankers’ Committee. It is estimated that the project will cost a whopping $100million.
Godwin Emefiele, Governor of the Central Bank of Nigeria hinted that investment in the industry will be realized.
“More will be invested in this project, but it is going to be a business where the monies will be realised again.
“I want to place it on record that we have received enquiries from the United States from investors who have said that they are interested in taking a look at not just the National Arts Theatre, but also the creative opportunities that we are developing around here.
“So, I must say that this is exciting for us at the Bankers’ Committee and also at the Central Bank of Nigeria,” he said.
Emefiele said President Muhammadu Buhari would, on the day of the inauguration, lay the foundation for the four verticals –- the music, the movie, IT and fashion hub.
Babajide Sanwo-Olu, Governor of Lagos State, said that the project would further help grow the state’s gross domestic product.
