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Government sets up panel to restructure Nollywood’s N3 billion grant

As part of efforts to make the
entertainment industry more viable,
Federal Government, at the weekend,
inaugurated a committee to review and
restructure the N3 billion grant earlier
granted the industry.
Through the project, the Federal
Government implemented specialist
training programmes in Nigeria and
abroad in which 247 practitioners have
been trained to improve their technical
and professional capacities in the
entertainment industry.
So far, a total of 113 film projects,
employing 2,436 people, have been co-
financed through grants from the fund at
the cost of N799 million, while an
Innovative Film Distribution Programme
has been designed to support viable solutions in film distribution and the
prevention of privacy.
Inaugurating the committee, in Abuja, during a meeting convened to brainstorm
on how to address the challenges of the sector, Minister of Finance, Mrs Kemi
Adeosun, said time had come for investors in the sector to start getting
returns on their investment.
She said the desire to reposition and restructure the fund was borne out of the
need to stimulate investments in the entertainment industry owing to its job
creation potentials.

“This grant programme was conceived to support the industry and it’s a reflection
of the importance of the entertainment industry on the Nigerian economy. What
we have come here to do is to look at the outstanding parts of the programme as
yet unimplemented, to review them to ensure that they are still appropriate
where the industry is today and where
our objectives lie for the industry. We want to ensure sustainability. Three billion naira is not enough if we are going to give out money. What we need to do is to find a sustainable way to support
Nollywood. We will be inaugurating a committee to review the programme,
restructure it if necessary and to come up with an implementation plan with
measurable and demonstrable deliverables and outcomes so that we ensure that we
get maximum value for the industry and for the Nigerian people.” he said.
While challenging the operators in the sector to be firm in tackling the issue of
piracy, the Minister of Finance, said that
most of the people who have worked hard
to come up with creative movie don’t get
to benefit from their investments owing to

“We need to improve distribution to
ensure that the investments to make a
film actually gets the desired return. What
do we do about piracy? How can we make
this fund to ensure that we cut down the
opportunities for those who simply sit
back and wait for others to invest and
then cream off the profit,” she asked.

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