The Federal Government has outlined series of actions it has taken in order to boost the film industry, which includes attracting more funding.
The government said it has partnered with the Central Bank of Nigeria (CBN) to make a case for single-digit financing which resulted in the creation of Creative Industry Financing Initiative by the banks and CBN.
This was made known by the Minister of Information and Culture, Alhaji Lai Mohammed, at the closing ceremony and Award Night of a 7-day Zuma Film Festival in Abuja.
Mohammed pointed out other measures including:
- The insistence of the federal government that international streaming companies who wish to do business in Nigeria must increase their local investment, including opening offices and increasing local content on their platforms.
- The production of a comprehensive report which was made available to some development banks so they can better understand the sector and invest in distribution and production companies.
- The partnership with the CBN and the Bankers’ Committee on the renovation of the National Arts Theatre at a cost of $100 million to boost revenues of the film industry.
What the Minister of Information and Culture is saying
Mohammed in his statement said, “The trajectory of the Nigerian film industry has been of great concern for us in this government, and this explains the series of actions we have taken to boost the industry.
“I will just touch on a few of such actions: I led a team to the Central Bank of Nigeria (CBN) to make a case for single-digit financing, and this has resulted in the Creative Industry Financing Initiative by the banks and CBN.
“We have also continuously made it clear to the international streaming companies that they must increase their local investment, including opening offices and increasing the local content on their platforms, if they wish to do business in Nigeria.
“In the wake of COVID-19, we have come up with a comprehensive report and made such available to development banks like Afreximbank, Nigerian Sovereign Investment Authority (NSIA), so that they can better understand the sector and invest in distribution and production companies.
“This is important because the iconic National Theatre was conceived as the hub of the creative industry in Nigeria.
“Its renovation and the addition of four new hubs, including an international film production facility, will cover production and post-production.
“These will signify the restoration of the power of the industry and its preparation to play huge roles for Nigeria into the future.’’
What you should know
- Recall that in 2019, the federal government unveiled plans for a creative industry development scheme with the creation of a creative industry park in Lagos, Kano, Port Harcourt or Enugu.
- The Creative Industry Initiative was aimed at unlocking the creative talents of Nigerian youths and designed to generate 800,000 jobs in the movie, music and fashion sectors, and increase the revenue of the industry by $300 million.
- It is also expected to increase the contribution of the movie industry to the Gross Domestic Product (GDP) from the current level of 1% to 3%.