FG Supports Nollywood With ₦5 Billion Creative Fund

4 months ago 7

The federal government has released the second instalment of its ₦5 billion Creative Fund, a scheme initiated in collaboration with Providus Bank in December 2023, aimed at bolstering the country’s creative sector, particularly Nollywood.

Special Assistant to the President on Digital and Creative Economy, Fegho-x Umunubo, has announced the disbursement via Instagram.

“We successfully launched the second batch of the ₦5 billion Creative Fund in partnership with Providus Bank at Eko Hotels and Suites last Friday,” he stated.

“Following the successful disbursement of ₦1.5 billion to four actors and producers for their movie projects, we are excited to support even more creative initiatives.”

The fund, is a significant financial boost for Nollywood, has garnered attention from traditional financiers and global streaming giants like Netflix and Prime Video.

This investment aims to enable filmmakers to produce content with a primary focus on local audiences, potentially revolutionising the sector.

Nigeria’s creative industry, particularly Nollywood, has been thriving as Afrobeats music gains international acclaim.

The Creative Fund is expected to further enhance this growth, providing local filmmakers with the resources needed to elevate their projects.

Meanwhile in addition to the Creative Fund, the federal government, also collaborated with the African Development Bank (AfDB), and plans to roll out a $617 million IDICE Fund for the digital technology and creative industry.

The IDICE programme is a five-year initiative, and is designed to leverage digital technologies as a catalyst for socio-economic development and to position Nigeria as a major participant in the global digital economy.