The Nigerian cinema industry is experiencing remarkable growth in 2024, with box office earnings reaching an impressive N8.76 billion so far, marking a 59% increase compared to the same period in 2023.
Despite a slight 0.5% drop in ticket admissions, the higher revenue reflects an increase in average ticket prices and strong performances from blockbuster films.
A key highlight contributing to this success is Disney’s Moana 2, poised to set a new record for animated movies in Nigeria. The film is expected to surpass N100 million in its opening weekend, potentially breaking the N28.4 million debut record set by Spider-Man: Across the Spider-Verse in 2023.
This performance underscores the enduring appeal of family-oriented international films in the Nigerian market.
Local productions, however, continue to dominate, generating over half of the year’s box office revenue. Nigerian filmmakers have maintained consistent momentum, with at least one title surpassing N100 million in monthly earnings.
One of the most anticipated upcoming releases is Funke Akindele’s Everybody Loves Jenifa, set to hit cinemas on December 13. Akindele has been a key driver of the industry’s growth, with her 2023 films collectively grossing over N1 billion. Other December highlights include Toyin Abraham’s Alakada: Bad and Boujee, Seven Doors, Thin Line, and Christmas in Lagos.
December has cemented its reputation as a pivotal month for Nigerian cinema. This trend began with the success of The Wedding Party in 2016, a film that held the record for the highest-grossing Nigerian movie until Omo Ghetto: The Saga surpassed it in 2020. The tradition of releasing star-studded blockbusters during the festive season continues to drive audience engagement and revenue growth.
Although admissions have dipped slightly compared to the previous year, the Nigerian film industry has sustained its ability to deliver hits both locally and internationally. With several high-profile releases scheduled for December, the industry is on track to cap off a record-breaking year.
Industry Insights
During a recent presentation, Moses Babatope, CEO of NILEgroup, highlighted the industry’s transformation.
“In 2004, there was just one cinema in Nigeria. Today, there are about 90 cinemas with 325 screens across Nigeria and Ghana. While this growth is modest compared to our population and content creation capacity, it’s a significant step forward,” Babatope said.
He acknowledged challenges like foreign exchange pressures and rising operational costs but remained optimistic. “We anticipate attendance growth of 10-15% by the end of the year. The resilience of cinemas during economic challenges shows the deep connection Nigerian audiences have with the big screen,” he added.
With the combination of international blockbusters and homegrown hits, the Nigerian film industry is poised to end 2024 on a historic high.
