FG Injects N5bn into Nollywood via Creative Fund

Nollywood Gets N5bn Boost from FG's Creative Fund

Federal Government launches second batch of N5 billion Creative Fund in partnership with Providus Bank, supporting Nigeria's creative industry with accessible funding for film and music projects.

The Federal Government, in partnership with Providus Bank, has released the second installment of the N5 billion Creative Fund, launched in December 2023. This initiative aims to support and develop Nigeria's thriving creative industry.

Fegho Umunubo, Special Assistant to the President on Digital and Creative Economy in the Office of the Vice President, made the announcement, highlighting the government's commitment to empowering creatives and fostering innovation in the sector, he said; „Update: N5 billion Creative Fund Second Batch Launch. Under the renewed Hope Agenda of Mr President Bola Ahmed Tinubu (GCFR), we successfully launched the second batch of the N5Billion Creative Fund in partnership with Providus Bank at Eko Hotels and Suites last Friday.

“Following the successful disbursement of N1.5 billion to four actors/producers for their movie projects, we are excited to support even more creative projects. If you know someone seeking funding for their creative project, share this email address: creatives@providusbank.com.”

The Creative Fund's first round of funding, launched in May 2024, awarded N1.5 billion to four talented actors and producers, kickstarting the initiative's support for Nigeria's creative industry.

At the premiere of Tiwa Savage's ‘Water and Garri’ in May, Fegho Umunubo emphasized that the partnership aims to overcome traditional bank collateral requirements, providing a more favorable and accessible funding model for film industry creators.

Umunubo clarified that the funds aren't free, as recipients are expected to return 30% of their film's proceeds to the bank. Despite previous unsuccessful attempts, he expressed optimism about the new partnership, citing past instances where beneficiaries misused loans for film production to acquire movable property.

The federal government has previously announced grants for Nigerian filmmakers and creatives. In 2010, President Goodluck Jonathan pledged a $200 million grant for the entertainment industry during Silverbird Organisation's 30th anniversary. He encouraged entertainment practitioners to produce high-quality music and movies that would generate employment opportunities and bring pride to the country.

The funds were placed in the care of the Bank of Industry (BOI) for future distribution to artists who presented viable business proposals.

In August 2015, the Bank of Industry (BOI) distanced itself from the $200 million Nollywood support funds initiated during the Goodluck Jonathan administration, stating that it had been independently financing Nollywood projects from its own resources and was not involved in the controversial $200 million support package.