Although the Nigerian film industry was built by Nigerian filmmakers self-funding their projects, it has experienced significant growth, driven by various schemes and loan programmes that support filmmakers in achieving high-quality productions.
To further this growth, the Federal Government of Nigeria, through the Office of the Vice President, has partnered with Providus Bank to provide easier access to loans for filmmakers, enabling them to bring their creative ideas to life.
Fegho Umunubo, Special Assistant to the President (Office of the Vice President) on the Digital and Creative Economy, explains, “Previously, securing a loan from a bank without collateral was nearly impossible. We decided to remove this bottleneck and recognise creative intellect and intellectual property as collateral. Our agreement with Providus Bank establishes a funding structure for filmmakers.” He emphasises the importance of loan recipients honouring their agreements to ensure the program’s sustainability.
Ayo Adeagbo, Special Assistant on Art, Culture, and Creative Economy to the President, underscores the need for robust policies that support and protect creatives’ intellectual properties. He tells Nollywire, “No industry can survive without good policies. We are working on measures to limit piracy and protect filmmakers’ intellectual property, in collaboration with the Ministry of Justice. This includes implementing strict penalties for piracy.”
Despite the optimism, some industry stakeholders express concerns that profits from films may not be sufficient to repay the loans due to the limited number of cinemas across the country. Addressing this, Umunubo highlights the ‘Investment in Digital and Creative Enterprises’ (IDICE) programme, which aims to empower new businesses and enhance infrastructure to support the creative industry. “We recognise the lack of infrastructure, which is why IDICE was established. It will support initiatives such as building cinemas in underserved areas,” he states.
If successful, this scheme could lead to a substantial increase in the number and quality of films produced in Nigeria in the coming years.
