COULD NIGERIA RISE AGAIN AND BECOME THE RUSSIA OF AFRICA?
Nigeria, the most populous black nation in the universe is home to over 200 million people with more than 250 ethnic groups speaking 500 languages. Situated between the Sahel to the north and the Gulf of Guinea to the south, and covering an area of 923,769 square kilometers, Nigeria is richly endowed with human and natural resources.
With an estimated nominal GDP of $504.203bn, Nigeria is Africa's biggest economy ahead of Egypt ($469.094bn) and South Africa ($411.480bn). The country also has a large crude oil deposit mainly in the Niger Delta region. With an estimated oil production of over 1.67 million barrels per day, Nigeria is the third largest oil producer in Africa just behind Libya and Angola according to OPEC figures for February 2023.
The West African nation boasts of a thriving movie industry in the world just behind India's Bollywood and America's Hollywood. Worth an estimated $6.4bn, the Nigerian Nollywood industry as it is professionally called comfortably sits in third position producing over 2500 movies in 2022.
In fact, as we talk about Hollywood or Bollywood, we could also talk about Nollywood. You might probably be thinking that Nigeria cinemas didn’t even know that they exist and, to be honest, it's not surprising we're talking about very low-budget films which are only consumed in Africa but this is a good example of all the potential this country has and how little we know about it.
Just like Nollywood, Nigeria is home to some of the best musical artists on the planet. These artists have succeeded in exporting their craft across the globe raking in awards, collaborations, and millions of dollars through endorsements, live shows, and online streams. The likes of Fela Anikulakpo Ransome Kuti, Chief Osita Osadebe, Burnaboy, Wizkid, and Tems have won several awards including the Grammys for their contributions to the music industry.