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Nigeria government empowers Nollywood with N420 Million

The Federal Government of Nigeria has released N420.2 million to the Nigeria film industry popularly called Nollywood to improve and supp...

The Federal Government of Nigeria has released N420.2 million to the Nigeria film industry popularly called Nollywood to improve and support aspiring practitioners.

According to a statement issued by Patricia Deworitshe, Deputy Director of Information at the Federal Ministry of Finance on Friday in Abuja, the money, which is the second payment to the sector, will help 105 film distributors.

The government had earlier introduced the “Project Act Nollywood’’, with three primary components aimed at developing the movie making value chain.

The components include the Film Production Fund (FPF), Capacity Building Fund (CBF) and Innovative Distribution Fund (IDF).

According to reports, the FPF and CBF have been fully implemented, while the IDF, which is the third component of the project, is on-going.

The IDF covers online, National, Regional and community categories of Nollywood Film distribution and exhibition.

The objectives of IDF are to improve the distribution network of Nigerian Audio-Visual contents, cut down on piracy, create jobs, and protect Intellectual Property Rights (IPR) within the Nigerian Entertainment Industry.

NAN reports that N1.8 billion was approved for disbursement to 106 beneficiaries in this component, and N1.335 billion was disbursed earlier in the year as first tranche to 105 beneficiaries.

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