NETFLIX- Over $23Million Invested In Producing Nigerian Movies

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Since 2016, Over $ 23 million is invested in producing Nigerian movies, said Video streaming company Netflix.

The new report, Netflit‘Socio-economic Impact focuses specifically on its major markets in Africa, which include Nigeria, South Africa, and Kenya. Between 2016 and 2022 $ 175 million in content is invested in these countries for local creatives. 

According to Netflix, Nigerian movies invested on were the top-producing movie which is  Anikulapo and Blood Sisters and Other.

According to Netflix, there are some impacts it has made.

“Our investment of over USD 23 million has had significant impacts on the Nigerian economy. 

“Through direct, indirect, and expenditure impacts across the economy, our investments have contributed USD 39 million towards GDP, USD 34 million towards household income, and USD 2.6 million towards tax revenue. 

“A total of 5,140 jobs throughout the economy were supported, In addition to our upfront investment in productions and the ongoing training we provide throughout these, we have spearheaded various initiatives aimed at developing the industry in Nigeria. A few examples include Netflix Fund for Creative Equity in collaboration with the Nigerian Film Corporation, through which funding was provided to five universities and film schools in West Africa, covering full tuition and living costs for students"

“We provided 52 scholarships to up-and-coming creative talent from four West African countries: Benin Republic, Gabon, Ghana, and Nigeria. Netflix provided direct grants to film schools for them to reduce the cost of admissions and improve access for underprivileged students. Total disbursement of USD 500,000 towards the Film and Television Relief Fund that provided short-term relief to below-the-line workers (technical crew) who were unable to earn a living during the COVID-19 pandemic. 

“This disbursement included a donation to Terra Kulture, an arts and culture center in Lagos. Terra Kulture also received Netflix funding in October 2022 to support academic training and promotion of the center’s various artistic and cultural projects,” the company stated.

Speaking on the impact of the movie, the Public Policy, sub-Saharan Africa Netflix, Shola Sanni, said the growth has made the company excited. 

Further said, “However, we realize that Netflix cannot go at it alone. There is an urgent need for governments, civil society, the private sector, and industry, to work together, to curate the right set of circumstances that enable businesses like ours to continue to thrive – so that we can keep delivering on the promise of jobs, capacity  development, and screen sector growth."

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