The hope that more big movies will hit the screen has arisen, as the Bank of Industry (BoI) has established N1bn fund for Nigerian film makers.
This is different from funds earlier initiated by the Federal Government, being an initiative of the financial institution.
According to a statement from the bank, the special project tagged, ‘BOI NollyFund,’ will offer Nigerian film makers the opportunity to receive financial support to produce quality films and screen them through various platforms of movie distribution available, both in Nigeria and abroad.
The statement says, “NollyFund has an initial programme limit of N1.0bn and a single obligor limit of N50m for individual loans. The fund can be accessed by companies engaged in film production.
“Applicants are expected to provide commercially viable scripts and demonstrate a track record of successful movie productions. The producer is expected to sign up a reputable distributor who would issue a minimum guarantee and provide cash deposit of five per cent of the loan amount.
“A minimum guarantee is a cash advance payable to the producer by the distributor in exchange for the exclusive rights to distribute a film in contractually-stipulated media in agreed sales territory.
“This is similar to the internationally accepted loan structures for movie production and will definitely provide a great boost to Nigeria’s Nollywood.”
It adds that to ensure the integrity of the process, the bank has set up a NollyFund Implementation Advisory Group made up of, among others, two cinema management experts, one national film distributor, two production and post-production experts, and two film producers.
Said to have been accredited are the G-Media, Filmone Distribution Company, Silverbird Distribution Company, Genesis Deluxe Distribution Company, Fans Connect Online Nigeria Limited, Kingsley Ogoro Productions Limited and 4Screams International Nigeria Limited.
