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FG To Invest N75 Billion In Nollywood To Support Entertainment

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 sectors 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.

source: http://tekedia.com/29814/nigerian-gover , -industry/

That is a good step for progression for Nollywood; good news