Nigerian govt disburses second instalment of N5 bn Creative Fund to Nollywood

The Federal Government, in collaboration with Providus Bank, has disbursed the second batch of the N5 billion Creative Fund, established in December 2023, to support and nurture Nigeria’s creative sector.

Fegho Umunubo, the special assistant to the President (Office of the Vice President) on Digital and Creative Economy, announced the news in an Instagram post on Monday.

“Update: N5 billion Creative Fund Second Batch Launch. Under the renewed Hope Agenda of Mr President Bola Ahmed Tinubu (GCFR), we successfully launched the second batch of the N5Billion Creative Fund in partnership with Providus Bank at Eko Hotels and Suites last Friday.

“Following the successful disbursement of N1.5 billion to four actors/producers for their movie projects, we are excited to support even more creative projects. If you know someone seeking funding for their creative project, share this email address: creatives@providusbank.com,” his post read.

The Creative Fund’s initial disbursement began in May 2024, with N1.5 billion allocated to four actors and producers.

At the premiere of Tiwa Savage’s “Water and Garri” at the Livesport Event Center in Lekki, Lagos, in May, Mr Umunubo highlighted that the partnership was established to overcome the challenges of traditional bank collateral requirements by providing a more favourable and accessible funding model for film industry creators.

However, he said the funds aren’t free, as recipients are expected to return 30 per cent of their film’s proceeds to the bank. Mr Umunubo expressed optimism about the new partnership despite previous futile attempts, narrating how past beneficiaries used loans meant for film production to acquire movable property.

Past efforts

The federal government has previously announced grants for Nigerian filmmakers and creatives. In 2010, President Goodluck Jonathan pledged a $200 million grant for the nation’s entertainment industry during the 30th anniversary of Silverbird Organisation. The President urged entertainment practitioners to use the funding to produce high-quality music and movies that would generate employment opportunities while bringing pride to the country.

The funds were entrusted to the Bank of Industry (BoI) for future disbursement to artists with feasible business plans.

Emeka Ossai, a renowned Nollywood actor, mentioned in 2014 that he could access funding from the BoI by presenting a viable business plan.

However, in August 2015, The Bank of Industry (BoI) disassociated itself from the $200 million Nollywood support funds under the Goodluck Jonathan administration, clarifying that it had been financing Nollywood from its resources and was not involved with the $200 million support package.