Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Get Data
    • Macro-Economic News
    • Research Analysis
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Get Data
    • Macro-Economic News
    • Research Analysis
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
Nairametrics
No Result
View All Result
Home Business News Business

FG outlines actions taken to boost and attract more funding to the movie industry

Chike Olisah by Chike Olisah
May 8, 2022
in Business
FG issues security alert ahead of October 1, Independence Day celebration
Share on FacebookShare on TwitterShare on Linkedin

The Federal Government has outlined series of actions it has taken in order to boost the film industry, which includes attracting more funding.

The government said it has partnered with the Central Bank of Nigeria (CBN) to make a case for single-digit financing which resulted in the creation of Creative Industry Financing Initiative by the banks and CBN.

This was made known by the Minister of Information and Culture, Alhaji Lai Mohammed, at the closing ceremony and Award Night of a 7-day Zuma Film Festival in Abuja.

Mohammed pointed out other measures including:

  • The insistence of the federal government that international streaming companies who wish to do business in Nigeria must increase their local investment, including opening offices and increasing local content on their platforms.
  • The production of a comprehensive report which was made available to some development banks so they can better understand the sector and invest in distribution and production companies.
  • The partnership with the CBN and the Bankers’ Committee on the renovation of the National Arts Theatre at a cost of $100 million to boost revenues of the film industry.

What the Minister of Information and Culture is saying

Mohammed in his statement said, “The trajectory of the Nigerian film industry has been of great concern for us in this government, and this explains the series of actions we have taken to boost the industry.

“I will just touch on a few of such actions: I led a team to the Central Bank of Nigeria (CBN) to make a case for single-digit financing, and this has resulted in the Creative Industry Financing Initiative by the banks and CBN.

“We have also continuously made it clear to the international streaming companies that they must increase their local investment, including opening offices and increasing the local content on their platforms, if they wish to do business in Nigeria.

“In the wake of COVID-19, we have come up with a comprehensive report and made such available to development banks like Afreximbank, Nigerian Sovereign Investment Authority (NSIA), so that they can better understand the sector and invest in distribution and production companies.

“This is important because the iconic National Theatre was conceived as the hub of the creative industry in Nigeria.

“Its renovation and the addition of four new hubs, including an international film production facility, will cover production and post-production.

“These will signify the restoration of the power of the industry and its preparation to play huge roles for Nigeria into the future.’’

What you should know

  • Recall that in 2019, the federal government unveiled plans for a creative industry development scheme with the creation of a creative industry park in Lagos, Kano, Port Harcourt or Enugu.
  • The Creative Industry Initiative was aimed at unlocking the creative talents of Nigerian youths and designed to generate 800,000 jobs in the movie, music and fashion sectors, and increase the revenue of the industry by $300 million.
  • It is also expected to increase the contribution of the movie industry to the Gross Domestic Product (GDP) from the current level of 1% to 3%.

Related

Tags: Creative Industry Financing Initiative

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Hot forex
Cornerstone
Mega Millions
Polaris Bank
Eco Bank
Access Bank
Bankers Committee
First bank


FCMB
Ikeja Electrics




    Business News | Stock Market | Money Market | Cryptos | Financial Literacy | SME |

    Recent News

    • Retail investors with as low as N5,000 can now invest in FG Bonds
    • FG says Public Private Partnership required for AfCFTA to work in Nigeria
    • FMDQ Securities Exchange reports N15.39 trillion in May 2022

    Follow us on social media:

    Recent News

    DMO to auction N150 billion bond for May on behalf of FG

    Retail investors with as low as N5,000 can now invest in FG Bonds

    June 25, 2022
    Why FG is unbundling Nigeria’s rail sector – Sen. Gbemisola Saraki

    FG says Public Private Partnership required for AfCFTA to work in Nigeria

    June 25, 2022
    • ABOUT US
    • CONTACT US
    • PRODUCTS
    • ANDROID APP
    • iOS APP
    • DISCLAIMER
    • CAREERS
    • PRIVACY POLICY

    © 2022 Nairametrics

    No Result
    View All Result
    • Home
    • Exclusives
      • Financial Analysis
      • Corporate Stories
      • Interviews
      • Investigations
      • Metrics
    • Markets
      • Cryptos
      • Commodities
      • Equities
        • Dividends
        • Stock Market
      • Fixed Income
      • Market Views
      • Securities
    • Industries
      • Company News
      • Consumer Goods
      • Content Partners
      • Corporate deals
      • Corporate Press Releases
      • Energy
      • Entertainment
      • Financial Services
      • Hospitality & Travel
      • Manufacturing
      • Real Estate and Construction
      • Tech News
    • Economy
      • Get Data
      • Macro-Economic News
      • Research Analysis
    • Business News
    • Financial Literacy
      • Career tips
      • Personal Finance
    • Lifestyle
      • Billionaire Watch
      • Profiles
    • Opinions
      • Blurb
      • Op-Eds

    © 2022 Nairametrics

    Social Media Auto Publish Powered By : XYZScripts.com