Under President Bola Ahmed Tinubu’s Renewed Hope Agenda, the federal government has distributed an astonishing N1.5 billion to movie producers for their projects in a calculated attempt to assist the growing movie business in Nigeria.
Launched in December 2023 in collaboration with Providus Bank, this funding project is a component of the more general N5 billion Creative Fund. Beginning in May 2024, the first payout saw N1.5 billion distributed to four actors and producers.
In a statement on his Instagram page, Fegho Umunubo, the Special Assistant to the President (Office of the Vice President) on Digital and Creative Economy, revealed this noteworthy development, expressing the government’s enthusiasm to assist even more creative ventures.
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How can film makers in Nigeria take advantage of financial support?
The Nigerian government’s choice to give movie makers this significant financial backing shows its determination to empower the national creative sector. One of the fastest-growing sectors in Nigeria is the creative one. Hence, this investment seeks to advance its growth even further.
As the second round of candidates for the N5 billion fund is under vetting, Umunubo advised anyone looking for money for their creative ideas to contact creatives @providusbank.com. This action shows the government is open to actively interacting with and helping the creative community.
Leveraging Digital Technologies to Boost the Creative Economy
Apart from the Creative Fund, the federal government and the African Development Bank (AfDB) have revealed intentions to implement a $617 million IDICE Fund for the digital technology and creative sector.
Designed to use digital technology to drive socioeconomic development and position Nigeria as a prominent actor in the global digital economy, the five-year iDICE plan aims Supported by the Islamic Development Bank (IsDB), Bank of Industry (BOI), and AfDB, this $617.7 million initiative seeks to leverage digital technology further to drive Nigeria’s creative industry’s expansion.
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Investing in this industry helps the government establish the nation as a centre for creativity and invention, drawing attention and money from worldwide.
The N1.5 billion infusion into movie production and the forthcoming IDICE Fund highlight the Nigerian government’s appreciation of the tremendous creative industry potential. This calculated action enables Nigerian creatives and prepares the nation to participate significantly in the worldwide entertainment and digital economy.
The Nigerian creative community is keenly awaiting the next wave of assistance and possibilities that will undoubtedly shape the sector’s future as the second batch of candidates for the N5 billion Creative Fund is under screening.