By Adedapo Adesanya
The federal government has disbursed N1.5 billion to movie producers for their projects under the N5 billion Creative Fund, launched in partnership with Providus Bank in December 2023.
This was disclosed by Mr Fegho Umunubo, the Special Assistant to the President (Office of the Vice President) on Digital and Creative Economy, who announced this in a statement posted on his Instagram page.
He noted that the first tranche of the disbursement was given to four actors/filmmakers.
“Following the successful disbursement of N1.5 billion to four actors/producers for their movie projects, we are excited to support even more creative projects.
“If you know someone looking for funding for their creative project, share this email address: [email protected].
“We’re proud to empower Nigerian creatives and bring more amazing projects to life!” he wrote in the post.
This came as the FG commenced the screening process for the second batch of applicants for the N5 billion fund.
The government of President Bola Tinubu has recognised the creative industry as one of the fastest-growing in the nation, and this investment is intended to support that growth.
In addition to the Creative Fund, the federal government, in collaboration with the African Development Bank (AfDB), plans to roll out a $617 million I-DICE Fund for the digital technology and creative industry.
The iDICE programme, a five-year initiative, is designed to leverage digital technologies as a catalyst for socio-economic development and to position Nigeria as a major participant in the global digital economy.
This $617.7 million programme is financed by the Islamic Development Bank (IsDB), Bank of Industry (BOI), and AfDB.
The African Export-Import Bank (Afreximbank) also announced the establishment of a $1 billion African Film Fund to support the continent’s movie industry.
According to the lender, the fund would oversee film financing, co-finance with large studios, finance African filmmakers, and finance producers and directors of film projects across the continent.
The Nigerian film industry has been touted as a huge gold mine evidenced by recent positives from high grossing productions. A Tribe Called Judah, The Wedding Party, and Omo Ghetto were among the film projects that brought in more than $1 million apiece.