During the Lagos Business of Film Summit hosted by his company, Ajayi pointed to a fundamental challenge: despite Nollywood’s worldwide cultural reach, its actual economic value remains difficult to measure due to insufficient data on yearly production figures and earnings.
He advocated for targeted government measures—including tax incentives and rebates—to draw international film projects and collaborative ventures to Nigeria. Ajayi stressed that storytelling plays a crucial role in defining how the world perceives Nigeria.
The absence of reliable production and revenue statistics, he explained, reflects broader organizational weaknesses that prevent the industry from fully capitalizing on its worth. While Nollywood’s impact on jobs, culture, and Nigeria’s international reputation is recognized, its financial returns don’t match its influence. Ajayi encouraged industry participants to establish a coherent vision for Nollywood, explaining that the summit aimed to promote meaningful conversations, partnerships, and actionable strategies to transform potential into sustained economic growth.