28 July 2012

Nigeria: More Film Makers to Benefit as Nexim Bank Disburses U.S.$200 Million Fund

In line with the Federal Government's directive, the Nigerian Export and Import Bank (NEXIM) has announced plans to give more film makers the opportunity to benefit from the USD200 million fund meant to boost the entertainment industry in the country.

The Managing Director of the bank, Mr Roberts Orya disclosed this development to newsmen in Lagos, last weekend.

Coming on the heels of the recent partnership with a US based Nigerian film maker, Tony Abulu for the movie "Dr. Bello", Orya said that the fund represents a significant commitment by the Federal Government to the creative segment of the nation's economy.

Partnering with the new beneficiaries, he said, not only paves the way for the presence of a broader international market, but also puts to rest insinuations that the fund is open only open to box office heavy weights.

According to Orya, the Nigerian Creative and Entertainment Industry Stimulation Loan Scheme is intended to address issues regarding the institution of credible structures, attract investment in the development of content and infrastructure in the media and entertainment sector as well as improvement in production standards, distribution, marketing and exhibition standards.

"Underlying these policies and interventions is the strong recognition of the need to generate inclusive growth that significantly reduces the uncomfortably high levels of unemployment most particularly amongst urban youths especially in the arts.

"The FGN sees itself as a catalyst in starting off a number of SME/SGB support initiatives and programs and in establishing an initial set up or catalyzing fund,"Orya said.

Speaking with movie journalists on the criteria of the loan scheme, Orya said that the three outfits the bank is working with are those that met the criteria laid down by the bank.

Also, he noted that the loan will be disbursed in line with modalities structured during appraisal process. Orya said that NEXIM Bank will soon be reaching an agreement with not just filmmakers but other segments of the creative industry like music, visual arts and others.

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