The indigenuous film industry, otherwise known as Nollywood, at the weekend got a special boost as the federal government has initiated 'Project Nollywood' to fast track the stellar performance of the movie industry in Nigeria.

President Goodluck Jonathan, who hosted the ensemble to a dinner to mark the 20 years of the industry at the State House, Marina, Lagos on Saturday, disclosed that the sum of N3 billion has been set aside by his administration as a grant to the industry with a view that the income accruing from its enterprise will surpass that of the oil and gas industry which is currently the highest revenue generator.

The grant is in addition to a presidential directive to the Nigeria Export-Import (NEXIM) Bank and Bank of Industry (BOI) to give additional impetus to the industry through provisions of loans.