Nigeria: Investing in film
Nigeria’s film industry, the second-largest in the world by volume, is already a prime destination for investment but with a national film fund and major infrastructural projects under consideration, there is potential for further growth.
On May 8, Segun Oyekunle, managing director of the Abuja Film Village International, a public-private partnership with the Federal Capital Territory Administration, announced that plans were under way to develop a film village in Abuja.
Set on 5000 ha of land, the village would feature a studio for film and television and be outfitted with equipment for filmmaking, music production and photography. It would also host a shopping centre, polo club and a university for film, television and radio. The project’s concept design is pending approval from the Federal Executive Council (FEC).
Also under development is the Plateau Film City, located on 300 ha of hills, valleys and forests in the Miango district of Plateau state. When completed, this project, facilitated by the Nigeria Film Corporation and the Plateau state government, will feature film production facilities, upmarket hotels, residential estates and leisure facilities, such as shopping malls.
Further support for Nollywood, as Nigeria’s film industry is often referred to, may come in the form of a national fund to boost the growth of the domestic film industry. Labaran Maku, the minister of information, announced plans to set up the fund at the opening of the 2012 Zuma Film Festival held in May. He noted that President Goodluck Jonathan had already set aside $200m for the sector, pending further measures that would allow artists to access it. The FEC is currently reviewing the proposal.
Such a fund would broaden access to financing for low-budget filmmakers. According to Maku, “The conditions for a specific film fund would be easier than taking money directly from commercial banks, which
Category: Entertainment
