AFRIFF 2017: Here's how the Federal Government plans to grow Nollywood

The Federal Government is working on a world-class production facility, using the current NTA infrastructure.

The Federal Government of Nigeria recently offered a sum of N420.2 million grant in support of Nollywood.

It also recently granted a tax break to movie producers and others in the creative industry.

Speaking at the opening night of the 2017 Africa International Film Festival, which held on Sunday, October 29, 2017, at Genesis Deluxe Cinema, the minister of Information, Lia Mohammed, reiterated some of the ways the Government is engaging stakeholders towards growing the industry.

According to Mohammed, having just 129 cinemas in Nigeria isn't good enough for an industry such as Nollywood.

 

Check out a summary of how the Federal Government is working towards growing the industry.

1. The Government is pursuing a single-digit interest on loans for infrastructural development of the industry.

2. They are supporting the building of 100 community spread across the countries, in addition to the already existing 129 cinemas.

3. The Federal Government is working on a world-class pre and post-production facility, using the current NTA infrastructure.

4. The set up boxes are being enabled to allow customers in over 30 million households to buy movies with or without data.

 

In the past decade, government's involvement in Nollywood's affairs has increased substantially.

In 2014, after the national economy was rebased, Nollywood contributed 1.2% to the country's new GDP of N80.2 trillion.

 In 2010, the administration of President Goodluck Jonathan launched a ₦30 billion (US$200 million) “Creative and Entertainment Industry” Intervention Fund, financed by the Bank of Industry (BOI), in conjunction with Nigerian Export and Import Bank (NEXIM).

 

In 2013, a smaller new grant of ₦3 billion (US$20 million) was awarded once again solely for Nollywood, and specifically for the production of high-quality films, and to sponsor filmmakers for formal training in film schools.

The 2017 AFRIFF kicked off on October 29, and is scheduled to end on Saturday, November 4, 2017.