9 May 2014

Nigeria: Bank of Industry Assists Entrepreneurs in Movie Industry - Official

The Bank of Industry (BOI), said on Friday it had provided funds for entrepreneurs in the movie industry in order to develop the entertainment sector of the economy.

The Funds Manager of the bank, Mr Ibrahim Kagara, stated this in an interview with the News Agency of Nigeria (NAN) in Abuja.

Kagara said that the bank was prepared to consider the proposals of businessmen and women in the creative industry generally with a view to providing the funding required to promote such works.

"The Bank of Industry is there to assist any entrepreneur in the movie industry, in the creative industry in general, for any kind of financial assistance.

"We will look at his proposal and we will look at the viability of the proposal and look at all other credit considerations.

"If it is found to be suitable, we'll go ahead. It has no limit, it has no gender, it has no form of barrier.

"The Bank of Industry on its own is using its own autonomous fund in financing movie production, distribution outlets like the DVD replication production businesses.

"The digital distribution network and, of course cinemas, and then of course even the production of musical instruments.

"The Bank of Industry is willing, we have started, we are doing it and we will continue to do it to all qualified applicants."

The manager said BOI was not in custody of the funds released by Federal Government for the development of the entertainment industry.

"The Nollywood Fund, under the project Act, is a direct intervention of the Federal Government.

"It has three components: the distribution component, the capacity building component, and the film production component.

"The fund, amounting to N3 billion, is being managed by the Federal Ministry of Finance, but BOI is a member of the board of the fund.

"We get feedback on how the project is faring when we attend periodic meetings with other stakeholders," he said.

He urged entrepreneurs interested in obtaining loans for movie production and any other creative business from the bank, to meet the bank's requirement.

He emphasised that the bank would assist any genuine creative business outfit, interested in obtaining loan from the bank to finance creative works.

"We have some guidelines ranging from the business plan and then of course you have to operate under an umbrella.

"You have to register with the relevant government authorities; you cannot come as an individual, and you have to register a business line - a limited liability company - in whatever form of entity that you want to operate on," he said. (NAN)

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