NOLLYWOOD BRAND: FG INAUGURATES N700m PRODUCTION FUND
In a bid to provide grants for production companies and independent producers of commercially viable films, the federal government in a statement on Wednesday said it had inaugurated a 700 million Naira film production fund. According to the statement by the Ministry of Finance, the film production fund would contribute to commercially viable film projects a grant of up to N10m while a number of medium budget film projects would also be considered for a higher grant contribution.
The statement has it that “Funds are used to subsidise pre-production, production or post-production costs of films, and in making these grants, the initiative supports the further development of the Nollywood film industry and film making talent.” It further disclosed that about 40 practitioners in the film industry had been awarded various grants under the recently introduced Capacity Training Fund of the Presidential Intervention Scheme for the industry also known as Project ACT Nollywood.
It also clarified that part of the fund made available by the Presidential Intervention Scheme is meant to provide quality training for practitioners in areas such as scriptwriting, directing, production and production design, special effects, lighting, sound, techniques, acting, cinematography, make-up and editing. “The training part of the Capacity Building Fund is valued at N150m and is dedicated to training and skills acquisition for Nigerian movie practitioners in all competencies along the entire value chain of Nigeria’s movie industry.”