Nigerian government through the Bank of Industry (BOI) and the Africa Development Bank (AfDB) is investing N75 billion funding facility to Nigerian entertainment industry, Nollywood, BusinessNews reports.



The entertainment industry in Nigeria has taken an upward swing in the past decade, drawing the attention of the government and global multilateral funding agencies to the sector’s potential to trigger a major growth in the economy.



The potential of the essential sector of the economy has now led to the arrangement of the N75 billion fund that would be targeted at the different point in the value chain of the entire entertainment industry, from artiste development to video production and editing and then marketing and distribution.



The Managing Director, BOI, Ms Evelyn Oputu, during an annual general symposium organised by the Lagos Chamber of Commerce and Industry (LCCI), said the fund was at the verge of disbursement.

Okija_juju:

Why are we using tax payers money to fund an industry that is supposed to be dominated by the private sector?

Why not inject that money into NTA which has turned into a National embarassment

Okija_juju:

Why are we using tax payers money to fund an industry that is supposed to be dominated by the private sector?

Why not inject that money into NTA which has turned into a National embarassment

Reggie2:


^^^^^
Tax payer's money shall be geared towards creating employment for the unemployed and Nollywood will do just that.
Puttam for NTA and Dem go chopam neat yet no employment will be created; guys will still blame gofment for a misplaced priority.

Baawaa:

75 Billion Naira,for Entertainment!!!that is total rubbish, Money that will be mismanage

mcnepow:

Coming at the wrong time. There are pressing infrastructural issues that need to be addresed first!

I was just looking through Mr President's facebook page and his latest status proudly announced the investment of 200million dollars in our entertainment industry? I'm shocked!!! here is the post below:

Quote
During my series of notes in the run up to Nigeria's fiftieth independence anniversary, I expressed a desire to grow Nigeria's entertainment industry into a world class one where we would see Nollywood movies being played in theatres and grossing hundreds of millions of Naira as well as have recording artists like Tuface Idibia, Dbanj, Banky W, P-Square, Timi Dakolo, Weird MC and co selling millions of records and generating wealth for themselves, their record companies, marketers and tour promoters and by so doing expanding the non oil sector of the economy. Now in furtherance of this, I have just attended the 30th anniversary celebrations of the Silverbird group where I announced a Federal investment of 200 million dollars (about 30 billion naira) as a direct intervention lifeline for the exclusive purpose of supporting artist and developing our entertainment industry. This may not be a lot of money, but it is a beginning. In seeking to diversify Nigeria's revenue base, we must think outside the box and I am expectant that this fund will make Nigeria the African entertainment capital in the not too distant future. It is my vision that every producer whether in the film or music industry, every actor or actress, fashion designers or artist must have opportunity to access cheap, long-term funding to grow their business: make movies, write hit songs, build malls, build cinemas, provide jobs and give hope to our people!GEJ
http://www.facebook.com/notes/goodluck-jonathan/investing-in-the-entertainment-industry/169665536394423

ikechukz:

very senseless move,why not invest such money in electricy or are Nigerians going to watch the films with candles or at least try to repair available refineries instead they feel its better to spend it in poor old nollywood.if u ask me i would say there is more to it.

oyb:

https://www.nairaland.com/nigeria/topic-547032.0.html

we've heard this sheet before. does the hatted monkey think we all have amnesia?

ikechukz:

very senseless move,why not invest such money in electricy or are Nigerians going to watch the films with candles or at least try to repair available refineries instead they feel its better to spend it in poor old nollywood.if u ask me i would say there is more to it.