The Buhari-led administration has released the sum of N420.2 million to the Nigeria film industry popularly called Nollywood to improve and support aspiring practitioners. The fund is the second tranche payment which will benefit 105 film distributors.
The Federal Government had earlier introduced the “Project Act Nollywood”, with three primary components aimed at developing the movie making value chain. The components are the Film Production Fund (FPF), Capacity Building Fund (CBF) and Innovative Distribution Fund (IDF). The FPF and CBF have been fully implemented, while the IDF, which is the third component of the project, is on-going.
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 within the Nigerian entertainment industry.
Photo Credit: Getty
