FG begins disbursement of $200m entertainment fund

The Nigerian Export Import Bank (NEXIM) has started disbursing the $200 million fund pledged by Goodluck Jonathan to the Nigerian entertainment industry. Speaking at a press briefing in the Radisson Blu Hotel, Lagos, NEXIM Managing Director/Chief Executive Officer, Roberts Orya, said the partnership signified the flag-off of NEXIM's support for film production which was promised in 2011 by the Federal Government to help grow capacity in the entertainment industry. The first beneficiary of the fund, named NEXIM Creative Arts and Entertainment Facility, is Black Ivory Communication. Black Ivory communication will be using the funds given to them to finance a film titled 'Doctor Bello'. Orya said the fund has been opened for access to anybody interested in investing in the Nigerian entertainment industry. "The Nigerian creative arts and entertainment industry has done creditably well in the socio-economic development of the nation. The industry has, by recent estimates, created over one million jobs directly and indirectly, and generated a minimum of $500million in revenue annually. The industry is also widely adjudged as the most prolific in the world, producing over 2,500 films yearly in the past three years," he said. He added that the movie, 'Dr Bello' had a compelling story line that promises a good return on investment for the bank and the producers. The CEO of Black Ivory Communication, Tony Abulu, said that 'Dr. Bello' is set to take the movie industry to the next level. "With what we are witnessing today, I can assure you that Nollywood is about to fly. We cannot continue to depend on our oil revenue. We have to begin to make products ourselves and we have to begin to package it for the international market, and those stories must be of international standard," Abulu said. Source:Daily Times