Access Bank reports that it has set aside N1 billion in what it called “AccessNolly” Fund. The bank says that the fund is targeted at movie producers and distributors for the production and distribution of films of international quality standard.
According to the bank’s Executive Director, Business Business Banking Division, Titi Osuntoki said: “The N1 billion fund is primarily targeted at players within the industry that have the capacity to produce and distribute movies as well as meet other set eligibility criteria. Some of which are number of movies produced, number of years in the industry and annual business turnover.
“The bank has set aside these funds in order to facilitate the production and distribution of quality Nigerian movies, purchase of new film production equipment and the expansion and enhancement of production centers and film making hubs,”
“We have identified the potential of this sector of the economy and we have chosen to revolutionize and transform the entertainment industry with a major focus on Nollywood as well as be the lead banking partner to this industry hence the birth of AccessNolly Fund,”
Access Bank also confirmed that only “commercially viable scripts and well thought out story lines” will be considered. Nollywood is said to be the second largest film industry in the world in terms of production. Despite the poor quality of production and cinematography, Nollywood movies are seen around the world by Africans in Diaspora. Most content providers such as Iroko TV have also started producing films of their own and could well leverage on this type of funds to expand their content creation.
It is also noteworthy that most Nigerian films are pirated making movie producers to lose millions in sales annually. Only recently has Nigerian cinema’s commenced airing these movies locally as a way of guaranteeing fresh income streams.
