The federal government has disbursed N1.5 billion to movie producers as part of the N5 billion Creative Fund, launched in partnership with Providus Bank in December 2023. This was announced by Mr. Fegho Umunubo, Special Assistant to the President (Office of the Vice President) on Digital and Creative Economy, in a statement on his Instagram page.
The first tranche of disbursements was awarded to four actors/filmmakers. Mr. Umunubo encouraged those seeking funding for creative projects to contact Providus Bank via the email address: [email protected].
The FG has also begun screening applicants for the second batch of disbursements from the N5 billion fund. This initiative underscores the government’s recognition of the creative industry as a significant growth sector in Nigeria.
In addition to the Creative Fund, the federal government, in collaboration with the African Development Bank (AfDB), plans to introduce the $617 million I-DICE Fund to bolster the digital technology and creative industry. The I-DICE program, spanning five years, aims to harness digital technologies for socio-economic development, positioning Nigeria as a key player in the global digital economy. This program is financed by the Islamic Development Bank (IsDB), Bank of Industry (BOI), and AfDB.
Moreover, the African Export-Import Bank (Afreximbank) has announced a $1 billion African Film Fund to support the continent’s movie industry. The fund will focus on film financing, co-financing with large studios, and financing African filmmakers and their projects.
The Nigerian film industry has shown significant potential, demonstrated by the success of high-grossing productions like *A Tribe Called Judah*, *The Wedding Party*, and *Omo Ghetto*, each earning over $1 million. This investment in the creative sector aims to sustain and enhance these positive developments.
