Nollywood’s Breakout Year: What’s Next for 2025?

2024 was a year like no other for Nollywood, a year that redefined boundaries and set new records. From jaw-dropping box office milestones to a growing international presence, the industry proved its resilience and unmatched storytelling prowess. 

It wasn’t just about entertainment; it was about shaping culture, driving economic growth, and making a bold statement to the world: Nollywood is here, and it’s thriving.

With billions in revenue and groundbreaking achievements, the year laid the foundation for an even more promising 2025. Let’s look into the numbers, the stories, and the impact that made 2024 a defining moment for Nigerian cinema.

2024 –  A Record-Breaking Year

In 2024, Nollywood shattered records, generating over ₦3.5 billion in domestic box office revenue and cementing its place on the global stage. The industry’s contribution to Nigeria’s economy reached an impressive ₦728.80 billion in Q1, a significant leap from ₦576.67 billion in Q1 of 2023. 

This reflects not only Nollywood’s growth but also its impact on the broader arts and entertainment sector, which expanded by 152.79% over the last decade.

By the third quarter of 2024, the arts and entertainment sector saw a 4.74% growth compared to 0.29% in the same period of 2023. Investors and creators alike celebrated this progress, with Kelvin Obasuyi, managing partner at 56 Capital, remarking, “The sky is the limit for Nollywood as long as investors keep believing in its potential.”

The Films That Defined 2024

Nollywood delivered blockbuster hits that not only captured local hearts but also resonated globally:

• Everybody Loves Jennifer: This film became the fastest in Nollywood history to gross ₦500 million, achieving the milestone in just 12 days. By December 23, it had broken the ₦1 billion mark, with an additional $100,000 earned in its opening weekend across countries like the U.S., U.K., and Canada.
• Queen Lateefah: Directed by Adeoluwa Owu and starring Wumi Toriola, this film grossed ₦357.71 million domestically and became 2024’s highest-grossing Nigerian film.
• Jagun Jagun: Garnering over ₦400 million within weeks, this film was another standout success.
• Ajakaju and Lakatabu: Both exceeded ₦200 million, showcasing Nollywood’s depth in storytelling and audience engagement.

Overall, Nollywood sold more than 935,000 tickets domestically in 2024, a 46% increase from the previous year, reflecting a growing appetite for Nigerian cinema.

Global expansion

Beyond domestic success, Nollywood made strides internationally. Films featured on global streaming platforms brought Nigerian stories to millions worldwide. International film festivals also provided a platform to showcase the industry’s evolving creativity.

Ike Ibeabuchi, an emerging markets analyst, says the importance of global relevance: “If Nollywood wants to claim a significant share of the international market, its stories need to appeal to broader audiences while retaining their cultural authenticity.”

What’s Next for 2025?

With such an impressive 2024, the question now is: Can Nollywood sustain its momentum in 2025? Industry experts are optimistic. Statista projects the Nigerian entertainment industry will generate $14.82 billion by 2025, a dramatic increase from $4 billion in 2013.

For Nollywood, this means scaling production quality, exploring diverse genres, and expanding partnerships with international distributors. The audience’s growing hunger for authentic African stories gives the industry a unique opportunity to dominate both local and global markets.