Netflix has invested more than $40 million in Nigerian film industry

 Netflix has spent more than $40 million in the Nigerian film industry, according to a company official.

Netflix, a global streaming service, announced a $40 million investment in the Nigerian film industry from 2016 to 2022.

Ms. Shola Sanni, Netflix's Director of Public Policy for Sub-Saharan Africa, stated at a Digital Content Regulation Conference in Lagos, Nigeria, that the expenditures were spent on converting local film titles, capacity building, and infrastructure development in the business.

She noted that Netflix had made investments in over 200 locally licensed properties, as well as co-produced and commissioned original film material.

As a result, as of November 2022, more than 125 Nigerian films and TV episodes are available on Netflix.

According to a Netflix representative, the streaming service is investing heavily to ensure that all users globally have access to the same material at any time.

"We love and believe in Nigeria, which is why we are investing in the Nigerian film industry to provide the best-in-class tales from the country to Nigerians and the rest of the globe."

Speaking at the same occasion, Adedayo Thomas, Executive Director of the National Film And Video Censors Board (NFVCB), stated that the gathering was an opportunity to debate film industry regulation, with an emphasis on streaming services.

"The ultimate purpose of this conference is to build a platform for vigorous conversation between the government and the video-on-demand (VOD) platforms via the regulator."

"We love and believe in Nigeria, which is why we are investing in the Nigerian film industry to provide the best-in-class tales from the country to Nigerians and the rest of the globe."

Prof. Sunday Ododo, General Manager/CEO of National Arts Theatre, Nigeria, thanked Thomas in his goodwill message for his perseverance in promoting full awareness of what the sector is doing.

Ododo stated that the National Theatre's vast development of over $100 million dollars was aimed at making the venue extra exotic for concerts and exhibitions.

"Work has progressed to the point where a portion of the facility is complete." "We will do a test run between November 14 and November 18, 2022," he stated, as the government works to manage, monitor, moderate, and balance the economy.