In 2014, Nollywood was a major contributor to Nigeria's Gross Domestic Product (GDP), contributing 1.4%.
According to him, the administration recognized Nollywood as a sector that could employ many young people, and invested in it.
"We identified Nollywood as a sector that can employ many young people and provided a grant of $200 million to boost the industry," he said. "As a result, Nollywood became a major contributor to our GDP and in 2014, the industry contributed 1.4% to our GDP," he added.
He stated this while speaking to students at the Oxford Union of the University of Oxford, United Kingdom, on the theme "Promoting Youth Entrepreneurship."
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In 2015, the then President of Nigeria set out to help improve the technical and professional capacity in the value chain of the Nigerian movie industry.
The fund was set up to improve the distribution of audio-visual content, reduce piracy and protect intellectual property in the entertainment industry.
A scheme known as ‘Project ACT Nollywood' was set up with the aim of boosting film production and distribution within and outside Nigeria.
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In April 2015, President Muhammadu Buhari promised that his government will look into piracy in Kannywood.
He made this known when some Kannywood delegates paid him a congratulatory visit in his home at Daura, Katsina State.