Nollywood: Nigerian highest employer of labour after Agriculture- CBN
The Governor of the Central Bank of Nigeria, Mr Godwin Emefiele has said that the Nigerian creative industry driven by Nollywood is Nigerian highest employer of labour after Agriculture.
Speaking at the recently concluded New Telegraph Newspaper Economic forum in Lagos with the theme, Nigeria : Beyound the Oil Economy, and on the topic returning Nigeria to the boom days the CBN governor who was represented by the deputy governor, Sarah Alade stated that the industry currently provides employment for over one million people excluding pirates.
According to him, In 2013, the creative industry contributed 1.4 percent to the GDP and was rated the third most valuable film industry in the world generating revenue of almost N2 trillion.
He stated that the Nigerian film industry has a global audience of several millions in over 178 countries.
Emefiele said In recognition of the industry as a leading non oil industry in the country, the world Bank in 2010 provided a grant of $20million to boost growth and employment under its GMS projects.
Nollywood produces about 50 movies per week, second only to Indian Bollywood and ahead of Hollywood, he said.
He observed that “from the foregoing, it is evident that we are not short of potentials to transform the economy through the non oil sector.”
The CBN governor noted that the manufacturing sector has not feared better with contribution to GDP at 3 percent during 2001 to 2009 and 8.2 percent between 2010 and 2015, with progress in the latter ostensibly as a result of the debasing exercise
He stated further the country is now a net importer of food with huge bills on basic staple foods like wheat, sugar, milk, and fish at about $966 million, $337, $582m and $590 respectively.
Emefiele disclosed that In 2015 rice import bill was estimated between January 2012 and May 2015 to about $2.4 billion.
He emphasised that the prospects of a Nigerian economy beyound oil are great with the potentials in the agricultural, solid minerals and the creative industry sectors.
He explained that, the country is endowed with abundant arable lands capable of supporting all year round varieties of both food and cash crops by its geographical location along the coast of the Atlantic Ocean and myriads of waterways which has huge potentials for fish production to meet domestic use and surplus for for export in a global fish market valued to about $144billion in 2014.
He noted that in the solid minerals sub-sector, there are at least 44 known mineral assets notably Gold, Iron Ore, Bitumen, Barret among others which have been identified for commercial exploration.
Emefiele pointed out that the the solid minerlas sub sector has s contributed an estimated N400 billion to the economy in 2015.
“The media and civil society organisations have to play a role by arousing national consciousness to the issues of the moment and sustaining them in the fore of public discourse, for example, the campaign to buy made in Nigerian goods and services has become imperative and is crucial to reviving the real sector and creating jobs. The media has a very important role to play in this respect to sensitise the public and shape Nigerian altitude towards home made products. The private sector should take the lead on all of these efforts. The sector should demonstrate readiness to explore opportunities in Agriculture and solid minerals”, he said.
The CBN governor informed that the, “constraints in operating environment will not disappear in a day despite government good intentions. The weakness in value addition is the direct consequences of inadequate innovation, there is therefore the urgent need to invest in research and development to promote innovations. The private sector need to explore and develop the culture of new innovations. The banking sector is the life wire of economic activities in any country”.