Nollywood’s Earnings Will Surpass Bollywood’s by 2030 – UN Executive Secretary

 The executive secretary of the United Nation’s Economic Commission for Africa (UNECA), Carlos Lopez has insinuated that the 3^rd biggest movie industry in the world, Nollywood, could move up to second in 2030, when the demand for African expands as a result of the opportunities that abound on the internet and universal television channels. In a recent interview with Mail & Guardian Africa’s Editor Charles Onyango-Obbo, Lopez spoke on several interesting topics, including Nollywood and its potential in a few years’ time.
Speaking on how big Nollywood will be in 2030, he said;

CREATIVE INDUSTRIES ARE ALREADY HUGE IN AFRICA AND I BET, IT COULD MATCH AGRICULTURE IN VALUE. HOWEVER THIS IS DUE TO LOW AGRICULTURAL PRODUCTIVITY, THE LOWEST IN THE WORLD, AND THE FACT THAT CREATIVE INDUSTRIES ARE BEING PROPELLED BY NEW COMMUNICATION TECHNOLOGIES. AFRICANS AND THEIR DIASPORA DEMONSTRATE DAILY THE RICHNESS AND UNIVERSAL APPEAL OF THEIR FORMS OF ARTISTIC AND CULTURAL EXPRESSION. IF WE UPDATE NATIONAL ACCOUNTS THROUGH REBASING, LIKE NIGERIA AND MANY OTHERS DID, WE WILL CONTINUE TO BE SURPRISED ABOUT THE EXPONENTIAL VALUE GROWTH.
NOLLYWOOD WILL EXPAND TO BECOME MORE AFRICAN AND LESS NIGERIAN, OVERTAKING INDIA’S BOLLYWOOD IN EARNINGS, WHEN DEMAND FOR ENTERTAINMENT CONTENT WILL EXPLODE THANKS TO INTERNET AND TV UNIVERSAL COVERAGE IN LESS THAN A DECADE,” HE SAID.