LAGOS NIGERIA - In a significant intervention at the inaugural Lagos Business of Film Summit, Bolaji Balogun, CEO of Chapel Hill Denham, challenged Nigerian filmmakers to pivot from a grant-seeking mindset to one of institutional investment. Delivering a keynote titled "Financing Film Projects: Structure, Access, and ROI," Balogun positioned the creative sector as a primary engine for Nigeria’s future economic stability, projecting that the industry could eventually account for 20% to 25% of the nation's Gross Domestic Product (GDP)—a valuation he estimated at roughly $250 billion.
Balogun’s argument was anchored in the reality of Nigeria’s demographic shift, noting that a rapidly growing population presents a massive, untapped consumer base for local content. However, he warned that this potential remains aspirational without a fundamental shift in how projects are structured. He urged creators to treat film as a "viable business" capable of delivering repeatable returns, citing Chapel Hill Denham’s own 2025 investment in the film Gingerrr as evidence that disciplined creative projects can successfully recoup and attract institutional capital.
Central to Balogun’s strategy is the necessity of radical collaboration. Invoking the "You’ll Never Walk Alone" philosophy, he emphasized that no single filmmaker or financier possesses the capital or courage to scale the industry in isolation. This collaborative approach extends to the government, though Balogun pivoted away from the traditional request for direct funding. Instead, he advocated for the creation of an "enabling environment" through tax incentives and rebates, similar to successful models in South Africa and Morocco, which would lower the risk profile for private investors.
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The keynote also highlighted the critical need for "infrastructure capital." Balogun called on pension funds and family offices to provide long-term funding for the construction of modern studios, post-production labs, and expanded distribution networks. This physical infrastructure must be supported by "human infrastructure," requiring formal, large-scale training institutions to move the industry beyond its current self-taught origins toward professionalized talent management and production standards.
The session concluded with a directive on digitalization and asset preservation. Balogun stressed that for the industry to be truly sustainable, all content—including Nigeria's historical audiovisual archives—must be digitalized and effectively monetized. By transforming intellectual property into a digital asset class, the industry can ensure long-term value for both creators and investors. As the creative economy moves closer to becoming a strategic economic asset, Balogun’s roadmap offers a clear transition from cultural influence to institutional financial power.
