Localising Nigerian content to attract investments

The Nigerian entertainment industry is on the brink of a major transformation as global streaming giants like Walt Disney Company's Disney Plus are starting to recognize the potential of African content. With the imminent launch of Disney Plus in South Africa, the spotlight is now turning towards Nigeria and its vibrant entertainment landscape. The question remains - is Nigerian content ready to meet the criteria to attract international investments and captivate audiences worldwide? Idris Olorunnimbe, the Group CEO of Temple Company, shed light on the industry's readiness and the exciting prospects that lie ahead. Olorunnimbe highlighted the evolution of Nollywood, Nigeria's film industry, paving the way for companies like Temple and Film One to raise the bar in terms of content quality. The influx of investments and the development of infrastructure, such as the renowned O'Giddy Studios, signify a growing appetite for Nigerian content on a global scale. As more studios emerge and investors flock to the industry, the market is expanding, offering a wealth of opportunities for creators and business-minded individuals. One of the key advantages of Nigerian content is its authenticity, rooted in the culture, stories, and voices of the local community. Olorunnimbe emphasized that local investors play a crucial role in driving the industry forward, as they possess the intrinsic knowledge of the environment and can shape narratives that resonate with audiences worldwide. The surge of interest from local investors underscores the profitability and potential of the entertainment sector in Nigeria. While the rise of video-on-demand services may impact traditional box office revenues, Olorunnimbe remains optimistic about the industry's resilience and ability to adapt to changing consumer preferences. He acknowledged that the landscape is evolving, with a shift towards streaming platforms, but emphasized the enduring appeal of cinema experiences. Balancing both formats is key to ensuring a diverse range of content reaches audiences and sustains the industry's growth. Despite concerns surrounding inflation and consumer spending habits, Olorunnimbe asserted that entertainment remains an essential service sector that offers escapism and joy to audiences. Streaming services provide a cost-effective and accessible way for consumers to enjoy a variety of content, mitigating the impact of economic uncertainties on the industry. The adaptability of the entertainment sector to fluctuating consumer behavior positions it as a resilient and dynamic market player. As the demand for streaming services surges, the discussion around infrastructure and technological advancements becomes paramount. Olorunnimbe highlighted the ongoing improvements in Wi-Fi connectivity, broadband penetration, and the rollout of 5G technology, signaling a promising future for digital content delivery in Nigeria. The collaboration between private and public sectors in enhancing infrastructure readiness aligns with the industry's ambitions to meet the growing demand for high-quality streaming experiences. In a rapidly evolving landscape, Olorunnimbe underscored the global competitiveness of the Nigerian entertainment industry. With a focus on enhancing the quality of storytelling, production standards, and talent development, nollywood is positioning itself as a formidable player on the world stage. The industry's capacity to adopt international best practices while retaining its unique cultural identity sets the stage for a dynamic and prosperous future. Looking ahead, the industry's ability to innovate, collaborate, and adapt to emerging trends will be crucial in sustaining its growth trajectory. Olorunnimbe emphasized the need for local manufacturing of equipment to reduce dependency on foreign imports and bolster the industry's resilience against economic fluctuations. By fostering a robust ecosystem that nurtures creativity, entrepreneurship, and technological advancement, the Nigerian entertainment industry is poised to make a profound impact on the global stage.