Federal Government Gives Nollywood Over N420m Additional Grant

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.

According to a statement issued by the Deputy Director of Information, Federal Ministry of Finance, Mrs. Patricia Deworitshe, on Friday in Abuja, the money, which is the second tranche payment 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 is 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 the first tranche to 105 benefici