Banking | Finance

FG Disburses N1.3bn To 105 Nollywood Producers



The Federal Government has disbursed a whopping sum of N1.335 billion to 105 movie producers and other stakeholders under the Project Nollywood Act (PNA) programme as part of its plans to grow the Nigerian entertainment industry. 

Minister of Finance, Mrs. Kemi Adeosun disclosed this in a report on the activities of her ministry in the last two years.

According to Adeosun, “N1.8 billion was approved for disbursement to 106 beneficiaries in this component. N1.335 billion had, earlier last year (2017), been disbursed as first tranche to 105 beneficiaries. The balance of N420,200,000 will soon be disbursed to 105 Innovative Distribution Fund (IDF) beneficiaries in the second/final tranche.”

Reeling out the successes of the Project Nollywood Act, Adeosun explained that 15 community cinemas and viewing centres have been established through the grant and that it has improved the distribution network of movies in Nigeria.

“The programme has supported 18 firms by boosting online distribution platforms. This has curbed illegal downloads and piracy. About 256 permanent jobs and 544 temporary jobs have been created through the financial support provided to 105 beneficiaries by the programme.

“The programme has equally aided the extension of the Nollywood industry to sub-Sahara Africa through the funding of national distributors, to expand their distribution capacity and network. National distributors are expanding their capacity to lip-synching their content in French for onward distribution to the ECOWAS sub-region,” she said.

She listed the objectives of PNA to include sustaining the growth of Nigeria’s movie industry, encouraging the industry to realise its potential of being a significant creator of employment and considerable contributor to gross domestic product (GDP) and addressing some of the key challenges currently facing the Industry.

“The programme aims to improve and promote key components of the value chain through the provision of grants scheme, designed to support existing or aspiring practitioners within the industry, including the diaspora.

“Project ACT-Nollywood has three primary components, aimed at developing and addressing inhibitors to further growth, which exists along the movie making value chain. The components are as Film Production Fund (FPF), Capacity Building Fund (CBF) and Innovative Distribution Fund (IDF).

“The FPF and CBF have been fully implemented while the IDF, which is the third component of the project, is on-going. The IDF covers online, national, regional and community categories of Nollywood film distribution and exhibition,” she explained.

Adeosun said the objectives of IDF are to improve the distribution network of Nigerian audio-visual contents, cut down on piracy, create jobs (direct and indirect) and protect Intellectual Property Rights (IPR) within the Nigerian entertainment industry.

Funsho Arogundade

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