Cynthia Ezekwe
Nollywood, Nigeria’s homegrown movie industry, has ascended the global stage with cinematic flourish, showcasing a revolution that has captured the hearts and minds of audiences far and wide. With a resounding boom, this dynamic industry has emerged as the crown jewel of Africa’s movie market, reigning supreme in value, volume of production, revenue, popularity, and job creation.
In a tour de force of economic analysis, Young-Tobi Ekechi, the managing director and chief executive officer of Generation Mortgage Bank (FGMB), deconstructed the far-reaching implications of Nollywood’s growing presence on Nigeria’s socio economic plane, dwelling on the reality that Nigeria’s film industry is second only to India in size and scope, with a financial value of $6.4 billion as of 2021.
The ascension of Nollywood into the upper echelons of global cinema has been a journey of triumph and tribulation, fraught with peril and unpredictability. Yet, even as these challenges mount, industry experts foresee a guardian angel in the form of insurance, a safeguard that is capable of shielding producers and their projects from the ravages of production delays, cost escalations, and threats to cast and crew safety.
As Nollywood’s flickering flame of fortune flares higher, so too do the shadows of misfortune that lurk in its wake, spawned by a lack of insurance that has consigned the industry’s luminaries to an uncertain fate.
In the shadow of this systemic neglect, Nollywood actors have been cast into the chilling void of financial insecurity, struggling against the tides of illness and poverty, their cries for help echoing across the digital landscape of social media, a plaintive plea for the life-giving sustenance that insurance could have provided.
The sorrowful end of Junior Pope Odonwodo and his fellow Nollywood creatives serves as a stark reminder of the dire necessity for the industry to grapple with the pressing matter of risk management and insurance, forging a path towards a more sustainable future that honours and protects the men and women whose artistry and passion have transformed Nigerian cinema into a cultural phenomenon of global significance.
In an interview ahead of the launch of the Health Management Organisation (HMO) for the Actors Guild of Nigeria (AGN) last year, Emeka Rollas, the AGN president, lamented the travails of veteran actors and members who were down with serious ailments and needed urgent medical attention as he laid forth the plan to raise N50 million using the AGN’s HMO.
Veteran actor, Kanayo O. Kanayo, in a social media post, expressed concern for the health and well-being of actors who push themselves to the brink in pursuit of quick financial gains, noting that many in Nigeria lack adequate insurance coverage and support systems, which exposes them to significant risks, creating an environment of uncertainty and vulnerability. He called on actors to rethink and purchase insurance coverage.
With the solemn weight of Nollywood’s concerns firmly in mind, insurance experts opine that insurance should be considered a necessity for Nollywood players, with medical health insurance, as well as life assurance covers considered priorities.
As Nollywood continues to conquer new heights of cinematic glory, the perils that lurk in the shadows refuse to yield, calling forth the intervention of insurance to protect against these ever-present dangers. This, according to experts, creates a need to consider the following actions:
– All Risk Insurance: A stalwart fortress against the marauding raiders of theft and damage, a haven of security for Nollywood’s treasured tools of the trade.
– Libel Insurance: A resolute shield against the treacherous slanders and defamations that could taint Nollywood’s good name, preserving its sterling reputation.
In the dynamic ecosystem of Nollywood, where the tides of fortune can shift at a moment’s notice, insurance can play a significant role as it protects against risks such as accidents, injuries, equipment damage, and other unforeseen circumstances that could derail a production. By having the right insurance coverage in place, producers can minimise their financial exposure and reduce the impact of these risks on their operations.
Beyond the immediate benefits of financial protection, insurance serves as a harbinger of greater safety and security in the vast arena of entertainment, a beacon of stability that lights the path towards a more stable and secure future.
In a valiant attempt to address the scourge of health and well-being uncertainties within the bustling Nigerian film industry, Governor Babajide Sanwo-Olu of Lagos State, announced a health insurance scheme in 2022, specifically tailored to the unique needs of Lagos State’s theatre practitioners.
Addressing the industry players, he said: “We realise that your industry is one of the highest employers of labour. You have continued to provide succour and means of livelihoods to a lot of citizens quietly. More importantly, you give freshness to our lives through your stories. There is always a lesson and information to learn from the experiences you paint in your works. You fill in the creative space of our society and project good values about our culture, way of life and race.
“To further enhance our intervention, we are going to initiate an insurance scheme to assist the Nollywood and give the practitioners free access to health care in public health facilities. The insurance scheme would come in handy for practitioners who cannot afford medical expenses and prevent them from seeking assistance in an embarrassing manner.”
As Nollywood continues to expand its reach and influence, analysts agree that the importance of insurance cannot be overstated. By investing in the right insurance policies and working with knowledgeable insurance providers, Nollywood producers can safeguard their productions, minimise risks, and ensure that the industry continues to flourish and captivate audiences around the world.
Experts also contend that with insurance as a critical ally, Nollywood can confidently take on new projects and push the boundaries of cinematic storytelling. To further promote the sustainability of the Nollywood industry, insurance operators have been advised on the need to set up well structured insurance products, to protect actors, and other stakeholders in the industry, as a way to achieve its much desired penetration and increased contributions to the Nigerian economy.
