The National Bureau of Statistics (NBS) has reported that the number of movies produced in Nigeria in the first quarter of 2021 (Q1 2021) hits 416 compared to 903 produced in the fourth quarter of 2020 (Q4 2020), indicating a decline of -53.93% quarter on quarter.
The likely causes of this decline maybe association with naira depreciation, forex decline, increased rate of insecurity, etc which have resulted in the increased cost of production.
Contained in the report titled, ‘Nollywood Movies Production Data (Q2 2017 – Q1 2021)’, NBS stated that: “The number of movies produced in Q1 2021 hits 416 compared to 903 in Q4 2020. This indicates a decline of -53.93% quarter on quarter.
“Similarly, the number of movies produced in Q1 2020 stood at 407, indicating a growth of 2 21% year on year.
“Lagos has the highest number of movies produced by location in Q1 2021 with 149 closely followed by Onitsha with 140 movies while Benin and Bauchi recorded the least with 2 movies each respectively.”