On what brings about the World Bank’s intervention in “Harnessing the Nigerian Entertainment Industry for Formal Export,” at this time, Chioma Nwagboso said: “The World Bank is interested in supporting the Nigerian Entertainment industry because of its huge potential in terms of job creation and value creation.”
According to her, the industry “started without government aid, intervention or assistance. Instead, talented individuals with a passion and drive grew it from scratch and today it is worth about $250 million, employs at least 500,000 Nigerians directly and about the same indirectly and has demand worldwide.
According to a new United Nations Educational, Scientific and Cultural Organisation (UNESCO) report released in May 2009, the Nigerian film industry has overtaken Hollywood and closed the gap on India to be the global leader in the number of movies produced each year.
It is the third largest movie industry in the world by value after Hollywood and Bollywood (India’s film industry). Most of those employed in the industry are graduates or school leavers who are the main target group for our support within this particular project.
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