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Monday, July 15, 2024

Nigerian Government Disburses Second Installment of N5 Billion from Creative Fund to Nollywood

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The Federal Government, in collaboration with Providus Bank, has disbursed the second batch of the N5 billion Creative Fund, established in December 2023, to support and nurture Nigeria’s creative sector.

Fegho Umunubo, Special Assistant to the President (Office of the Vice President) on Digital and Creative Economy, announced the news in an Instagram post on Monday.

“Update: Second batch of 5 billion Naira Creative Fund launched. Under the renewed Hope Agenda of Mr. President Bola Ahmed Tinubu (GCFR), we successfully launched the second batch of the N5Billion Creative Fund in partnership with Providus Bank at Eko Hotels and Suites last Friday.

“Following the successful disbursement of N1.5 billion to four actors/producers for their film projects, we are excited to support even more creative projects. If you know someone looking for funding for their creative project, please share this email address: creatives@providusbank.com,” his post read.

The initial disbursement of the Creative Fund began in May 2024, with N1.5 billion allocated to four actors and producers.

At the premiere of Tiwa Savage’s “Water and Garri” at the Livesport Event Center in Lekki, Lagos, in May, Mr. Umunubo highlighted that the association was established to overcome the challenges of traditional bank guarantee requirements by providing a model more favorable and accessible financing for creators in the film industry.

However, he said the funds are not free, as recipients are expected to return 30 percent of their film profits to the bank. Mr Umunubo was optimistic about the new partnership despite previous futile attempts, recounting how previous beneficiaries used loans meant for film production to acquire movable property.

Article page with past efforts to promote financial support

The federal government has already announced grants for Nigerian filmmakers and creators. In 2010, President Goodluck Jonathan pledged a $200 million grant for the country’s entertainment industry during the 30th anniversary of the Silverbird Organisation. The president urged entertainment professionals to use the funding to produce high-quality music and movies that would generate employment opportunities while making the country proud.

The funds were entrusted to the Bank of Industry (BoI) for future disbursement to artists with viable business plans.

Emeka Ossai, a well-known Nollywood actor, mentioned in 2014 that he could access BoI funding by presenting a viable business plan.

However, in August 2015, the Bank of Industry (BoI) disassociated itself from the $200 million Nollywood support funds under the Goodluck Jonathan administration, clarifying that it had been funding Nollywood with its resources and was not involved. in the $200 million support package.

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