There is no doubt that today, Nollywood has become a national brand. It has become the foremost signifier of our cinematic energy as a creative people. Nollywood began small, but today it has
become a huge contributor to the national economy. In the recent GDP rebasing exercise, Nollywood contributed 1.2% to the national economy. If that appears little, then you have no knowledge of where and how Nollywood began. Its beginning is founded on a shoestring budget and a creative ingenuity of a few entrepreneurs who had to face commercial risk and cinematic scorn to achieve their objectives. If you want an exact date for the beginning of Nollywood, scholars point at Kenneth Nnebue’s 1992 movie, Living in Bondage. Today, Nollywood has achieved global reckoning by its sheer capacity to proliferate beyond all its economic, political and social limitations. Nollywood is second only to Hollywood in global entertainment ranking; Bollywood, the Indian film industry, has since been displaced to third place.
see it full here