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FG gives Nollywood additional N420 Million Grant to support Aspiring Practitioners

NAN

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The Buhari-led administration says it has released the sum of N420.2 million to the Nigeria film industry popularly called Nollywood to improve and support aspiring practitioners.

According to a statement issued by the Deputy Director of Information, Federal Ministry of Finance, Patricia Deworitshe, on Friday in Abuja, the money, which is the second tranche payment will benefit 105 film distributors.

The Federal Government had earlier introduced the “Project Act Nollywood”, with three primary components aimed at developing the movie making value chain.

The components are the 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.

The objectives of IDF are to improve the distribution network of Nigerian Audio-Visual contents, cut down on piracy, create jobs, and protect intellectual property rights within the Nigerian entertainment industry.

N1.8 billion was approved for disbursement to 106 beneficiaries in this component, and N1.335 billion was disbursed earlier in the year as the first tranche to 105 beneficiaries.

Deworitshe said that before the release of the second tranche, the finance ministry had earlier carried out a successful monitoring and evaluation of the first tranche disbursement.

Fifteen community cinemas and viewing centres have been established through the grant and this has improved the distribution network of movies in Nigeria.The programme has supported 18 firms in strengthening online distribution platforms, this has helped curb illegal downloads and piracy.

Two hundred and fifty six permanent jobs and 544 temporary jobs have been created through the financial support provided to 105 beneficiaries by the programme,’’ she said.

Deworitshe said the programme had also aided the extension of the Nollywood Industry to sub-Sahara Africa through the funding of National distributors to expand their distribution capacity and network.

She said through the programme, distributors had expanded their capacity to lip-synching their content in French for onward distribution to the ECOWAS sub-region.

The News Agency of Nigeria (NAN) was established by the Federal Government of Nigeria in May 1976 to gather and distribute news on Nigeria and cover events of interest to Nigeria at the international level for the benefit of the Nigerian Media and the Public.

6 Comments

  1. tunmi

    July 1, 2017 at 1:24 am

    I had no idea

  2. Agu

    July 1, 2017 at 3:38 am

    Its a welcome development by nigeria Government giving this money to nollywood I think the deserve more but this is a step in the right direction the are the lifeline of strong Nigeria that we all dream of. Our stories are told by us Today because of nollywood.

  3. Smackdown

    July 1, 2017 at 4:10 am

    Misplaced priorities. How about funding entrepreneurs and initiatives in healthcare sector. Just saying

    • Agu

      July 1, 2017 at 12:56 pm

      do you know how many millions of Nigeria that are emloyed by nollywood. i think the money the gave to them is even little.

    • Kay

      July 1, 2017 at 5:34 pm

      Ask your quack doctors why

  4. Kokou

    July 1, 2017 at 7:27 am

    Nice. For interesting stories, amazing spoken word videos, movie reviews and more,www.theinspiredlitmag.com

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