To support the Nigeria’s creative industry, Bank of Industry (BoI) has developed a special programme called “BoI NollyFund”, through which Nigeria’s leading movie producers will receive financial support to produce quality films of international standard and screen them through various platforms of movie distribution available both in Nigeria and internationally.
To support this process and ensure that only commercially viable scripts with good story lines benefit from the scheme, the bank set up a NollyFund implementation advisory group made up of two cinema management experts, one national film distributor, production and post-production experts, film critics/reviewers, and film producers. The group’s mandate is to critically review all the film scripts and associated budgets submitted to BoI by movie producers and make technical recommendations to BoI management for final credit appraisal and subsequent approval in line with the bank’s credit policy.
NollyFund has an initial programme limit of N1.0 billion and a single debt limit of N50 million for individual loans.
The bank has already accredited some reputable distributors, among which are: G-Media, Filmone Distribution Company, Silverbird Distribution Company and Genesis Deluxe Distribution Company as well as studio operators that include Fans Connect Online Nigeria Limited, Kingsley Ogoro Productions Limited and 4Screams International Nigeria Limited.
It would be recalled that the Bank of Industry had in the recent past, financed several creative industry projects like Half of A Yellow Sun, Flower Girl, Digitisation of Silverbird Cinemas, The Filmhouse, Viva Cinemas, Ozone Cinemas, and G-media
The bank has in the past supported the entertainment sector with $200 million from an expected $500 million grant from the African Development Bank (AfDB)to revamp and enhance the nation’s industries and entertainment sectors.
Speaking at the pre-launch press briefing in 2013, BoI disclosed that over N2.5 billion had been approved and earmarked for the entertainment sector, adding that about N1 billion had so far been disbursed.
BoI through Senior Manager, Ibrahim Ahmed, reiterated that the sector enjoys the full support of the bank’s management, which had created a specialised division manned by dedicated professionals to attend to the needs of the stakeholders.
Ahmed said: “BOI decided to partner with Gabosky because we see the entertainment industry as a business and we are ready to deal with those who are ready to approach us in that light.
“Our mission is to transform the Nigeria industry sector and integrate it into the global economy in order to attain modern capabilities.”