It was a cool evening in Lagos, with its usual bustle and hustle. Yet, in a packed cinema hall on the island, something extraordinary was unfolding. ‘Queen Lateefah’ was captivating the audience with its plot.
Among them was Ayo Hakeem, a young entrepreneur who had saved up for this night out, and Uche Ikoku, a filmmaker, silently taking notes.
For Hakeem, it wasn’t just a movie—it was a story that mirrored his struggles and triumphs. For Ikoku, it was a testament to Nollywood’s rising prowess. And for the Nigerian economy, it was two more tickets sold, a sign that the industry was breaking boundaries.
2024 Revenue Success
In 2024, Nollywood achieved something remarkable: over N3.5 billion in domestic revenue and global recognition that extended beyond expectations. This isn’t just the story of Nollywood; it’s the story of Nigeria’s cultural renaissance.
Nollywood contributed N728.80 billion to the economy in the first quarter (Q1) of 2024. This is an appreciable growth from N576.67 billion contribution recorded in Q1 of 2023 and N382.37 billion reported in the second quarter (Q2) of 2023.
According to data from the National Bureau of Statistics (NBS), this growth underscores the expansion of the Nigerian movie, music, arts, and entertainment industries, which have grown by 152.79 percent year-on-year over the past decade.
The arts, entertainment and recreation sector grew by 4.74 percent in the third quarter (Q3) of 2024, higher than 0.29 percent recorded in Q3 of 2023.
Compared to the preceding quarter, the rate rose by 2.95 percent. Quarterly, growth stood at 8.31 percent in real terms.
“The sky is the limit for Nollywood as long as investors continue to be the wind beneath her wings, propelling her stories, higher and higher,” said Kelvin Obasuyi, an Oxford alumnus and managing partner at 56 Capital.
Read also: How Nollywood dominated 2024: Record-breaking local success and global expansion
Top Nollywood Films of 2024 and Their Domestic Performance
‘Everybody Loves Jennifer’ became the fastest Nollywood film to gross N500 million, hitting this milestone in just 12 days. As of December 23 2024, the movie had grossed N511 million as reported by Funke Akindele, the producer, on her social media pages.
It broke the box office records after grossing over N1 billion within 19 days of its release.
It also earned $100,000 in its opening weekend across the United Kingdom, Germany, Ireland, Canada, Norway, United States, Australia, Sweden and New Zealand.
On the other hand, ‘Queen Lateefah’ grossed N357.71 million on the domestic front.
Directed by Adeoluwa Owu and starring Wumi Toriola, it became the highest-grossing Nigerian film of 2024.
‘Jagun Jagun’ grossed over N400 million within weeks of release.
Also, ‘Ajakaju’ surpassed N200 million in 2024, which is seen as another standout performer.
Similarly, ‘Lakatabu’ surpassed N200 million in revenue in 2024.
The total domestic box office revenue grossed by Nollywood stood at over ₦3.5 billion in 2024, marking a 125 per cent surge compared to the same period of 2023.
More than 935,000 tickets were sold, a 46 percent increase from the previous year.
International Reach and Export
While specific revenue figures from international markets are limited, Nollywood’s global presence has been expanding.
Many Nollywood films are available on international streaming services, increasing global accessibility.
Nollywood productions have also been featured in international film festivals, enhancing their global profile. According to experts, screenings in Nigerian communities abroad contribute to international viewership, though precise revenue data is scarce.
Ike Ibeabuchi, an emerging markets analyst, said 2024 was a successful year for the industry and set the pace for more triumphs in 2025.
“Nollywood did well in 2024 and will do better in 2025, in my estimation. They tell the stories that affect us as a people and reflect our rich cultural heritage,” he said.
“But they need to be more creative to ensure that their success goes international. If you want to take a slice from the international market, you need to have a good product and story that everybody can relate to,” he noted.
According to Statista, “Nigeria’s burgeoning film industry is increasingly attracting global attention, significantly enhancing box office revenues and expanding its cultural influence across Africa.”
A report released in 2023 by the Nigerian Entertainment Conference (NECLive) said the Nigerian entertainment industry would reach an estimated $14.82 billion revenue in 2025, up from $4 billion revenue recorded in 2013.
“For the many aspiring actors and actresses who have come into Nollywood and made it big, the growing numbers in revenue stands as a testament to the sweat and work put in place within the last ten years and beyond. The sector has moved from the production and distribution of 1,800 films worth $5.1 billion in 2013 to 2,500 films worth $6.4 billion and counting. This makes Nigeria the 2nd largest film producer in the world,” the report noted.
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