With a Thriving Nollywood and Most Successful Start-ups in Africa, Nigeria has Great Potential – The Economist

The London-based Economist Magazine has stated that despite obvious challenges, Nigeria occupies a significant leadership position on the African continent, leading the rest of Africa politically and in key economic areas.

The 178-year-old Magazine in its recent editorial acknowledged that Nigeria has the most boisterous democracy in Africa and the largest economy on the continent.

The news magazine noted that Nigeria was home to one of the largest film industries in the world and had the most successful start-ups in sub-Saharan Africa.

“Nigeria is now a powerhouse. Home to one in six sub-Saharan Africans, it is the continent’s most boisterous democracy. Its economy, the largest, generates a quarter of Africa’s GDP,” the editorial read in part.

Checks by Economic Confidential shows that Nigeria’s GDP amounted to 514 billion U.S. dollars in 2021, the highest in Africa.

The Nigerian economy, according to findings by our correspondent, also recorded a 5.01% growth in the second quarter of 2021, largely driven by growth in trade, ICT and electricity sectors.

“Nollywood makes more titles than any other country’s film industry bar Bollywood,” the Economist also wrote in the Editorial.

Nollywood is the film industry in Nigeria, and it is in fact the second largest movie industry in the world, in terms of output, producing about 2,500 films per year, according to our findings.

This number surpasses Hollywood, and is second only to India’s Bollywood. In the second quarter of 2021, Nollywood produced 635 movies which is an increase compared to 416 movies produced in the first quarter of the year, according to the National Bureau of Statistics (NBS).

“This figure indicates a growth of +53.93 per cent quarter on quarter,” the NBS stated.

The Economist Magazine editorial also wrote that : “Three of sub-Saharan Africa’s four fintech “unicorns” (startups valued at more than $1bn) are Nigerian.”

According to Briter Bridges figures, Nigeria has the highest volume of start-ups and with over 750 of them, the largest number in the Africa tech ecosystem compared to other African countries.

Though South Africa comes second, but its startups raised $241 million in 2020, compared to Nigeria’s $64.1 million.