A few industry experts were asked to share their predictions and insights on the creative industry in 2024. The overall outlook is mostly optimistic, with a few reservations, reports Vanessa Obioha
Femi Odugbemi: Transforming Prophecies into Tangible Achievements
As we embark on another journey around the sun, I think it is crucial for Nigerians to reflect not only on the passing of time but on the progress we have made toward our collective aspirations. In the realm of our nation’s creative industry, particularly Nollywood, the repetitive cycle of unmet goals and predictions warrants a recalibration of our approach. With a dynamic young female Minister now at the helm of the Ministry designated for the creative economy, accountability becomes paramount. It is time to transform annual ‘prophecies’ into tangible achievements. The creative industry demands more than vague assessments—it necessitates a measurable matrix for growth and success.
To propel all our creative industry, especially Nollywood, into a new era of success and prosperity, we must inject fresh investments specifically into distribution infrastructure. This will not only boost profits but also pave the way for larger-scale productions, international collaborations and elevating the industry on the global stage. It’s time we start being intentional about a strategy to register presence in the major awards of the global film industry. That requires much more than creativity. It will take planning, investments and a national commitment beyond platitudes.
Government intervention is pivotal, calling for a deliberate effort to create a supportive regulatory environment. Streamlining bureaucratic processes and robustly protecting intellectual property rights will fortify the foundation on which the creative industry stands and our path to achieving specific goals.
The Nigerian Film Corporation should actively pursue many more international film treaties across the major film cultures – United States, India, China and even particularly with neighbouring countries like Ghana, Benin, Togo, Niger, and Chad. Strengthening these ties will open new avenues for collaboration, creating a regional synergy that benefits all parties involved.
A focus on multi-language accessibility to the best of Nollywood films is paramount. Dubbing and subtitling films for both local and foreign markets will not only broaden Nollywood’s global reach but also instil confidence in potential investors. As the industry flourishes internationally, it becomes an attractive prospect for those willing to commit resources.
Moreover, capital investment in broadband technology is not just a luxury but a necessity. It has the potential to transform the landscape of e-commerce, providing opportunities for young entrepreneurs to thrive and become creators of wealth and employers of labour. Accessible broadband will also expand the audience base, enabling more people to stream content seamlessly on various devices. The economic viability of content creation hinges on widespread access and a seamless viewing experience.
By prioritising these aspects in the coming year, we can lay the foundation for growth in the creative industry that not only meets its objectives but surpasses them, as a beacon of innovation and success. We need to focus more on strategic planning and processes in Nigeria to develop. That’s really when all our investments in prayers can bear fruit.