Filmmakers Benefitting From Govt’s $200m

When the president of Nigeria, Goodluck Ebele Jonathan, announced about two years ago that his government has decided to assist the nation’s entertainment industry with  $200 million, the pronouncement generated a lot of controversy. To some practitioners, it was simply a strategy for election campaign, while others were already dreaming of how to benefit from the largesse.

Since the controversial announcement, President Jonathan has been hugely criticised for ‘playing on the intelligence’ of entertainers during his election campaign, as  no practitioner in the industry has benefitted from the promise. But Mr Hope Yongo, the director of NEXIM Bank, the financial institution in charge of the money, has disagreed.

Speaking with stakeholders during the recently concluded Abuja International Film Festival, AIFF, held at the Silverbird Cinemas, Abuja, Yongo explained that a couple of filmmakers have benefitted from the money.

Yongo, who discussed the modalities for accessing the funds during the event added that filmmakers must realise that “the $200 million intervention fund is not a grant, but a loan to stakeholders which must be backed by collateral.”

Also at the festival, a presentation was made by a team from Okin TV in the United Kingdom led by Mr Seun Aboderin who informed stakeholders that the future of films and entertainment content will be online , advising that there is a need for them to take advantage of the huge potentials and opportunities in online streaming and downloading.

Another major highlight of the festival was its awards and recognition segment where the flicks ‘Married But Living Single’ and ‘Phone Swap’ clinched two awards each.