Federal Government invest over 420 million Naira in Nollywood
The Federal Government says it has released the sum of
N420.2 million to the Nigeria film industry,
Nollywood, to improve and support
aspiring practitioners, NAN reports.
According to a statement issued by the Deputy Director of
Information, Federal Ministry of Finance, Patricia Deworitshe, on
Friday in Abuja,
The money, 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 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.
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.
Deworitshe said that before the release of the second
tranche, the finance ministry had earlier carried out a successful monitoring
and evaluation of the first tranche disbursement.
“Fifteen community cinemas and viewing centres have been
established through the grant and this has improved the distribution network of
movies in Nigeria.
“The programme has supported 18 firms in strengthening
online distribution platforms, this has helped curb illegal downloads and
piracy.
“Two hundred and fifty six permanent jobs and 544 temporary
jobs have been created through the financial support provided to 105
beneficiaries by the programme,’’ she said.
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