In line with President Bola Ahmed Tinubu’s Renewed Hope Agenda, the Federal Government has allocated N1.5 billion to film producers for their projects. This disbursement is part of the N5 billion Creative Fund, launched in collaboration with Providus Bank in December 2023.
The first disbursement, which began in May 2024, saw N1.5 billion allocated to four actors and producers. Fegho Umunubo, Special Assistant to the President (Office of the Vice President) on Digital and Creative Economy, shared this update on his Instagram page.
He stated, “Following the successful disbursement of N1.5 billion to four actors/producers for their film projects, we are excited to support even more creative projects. If you know someone who is looking for financing for their creative project, please share this email address: creatives@providusbank.com. We are proud to support Nigerian creatives and bring more great projects to life!”
The screening process for the second batch of applicants for the N5 billion fund is currently underway. The creative industries, one of the fastest-growing sectors in the country, are expected to benefit significantly from this funding initiative.
READ ALSO: Idris urges media to avoid promoting terrorist propaganda, misinformation
Additionally, in collaboration with the African Development Bank (AfDB), the federal government plans to launch a $617 million IDICE Fund for the digital technology and creative industries.
The iDICE program, a five-year initiative, aims to harness digital technologies as a catalyst for socio-economic development and position Nigeria as a key player in the global digital economy. This $617.7 million program is funded by the Islamic Development Bank (IsDB), Bank of Industry (BOI), and AfDB.
In 2023, the government provided support to fashion entrepreneurs by granting N2-5 million per business to startups in Enugu and Jigawa states. This initiative, which began disbursement in May 2024, aims to empower fashion interns who have completed their training programs, helping them advance their businesses.
The government has also secured an international investment of $3 million for training in the creative industries, in partnership with French companies. This collaboration aims to enhance the skills of Nigerian creatives and equip them to compete globally.
Moreover, the NaijabrandChick Trade Fair received an investment of N1 million per company for three companies showcasing culture and creativity on digital platforms. This initiative, launched in May 2024, provides essential capital for these innovative companies.
Nigeria’s creative sector, as classified by the National Bureau of Statistics (NBS), comprises five sub-sectors: media and entertainment, beauty and lifestyle, visual arts, and tourism and hospitality. Currently, the sector employs approximately 4.2 million people in these sub-sectors, with projections indicating that it could create an additional 2.7 million jobs within the next four to five years.
Mustard Insights predicts that Nigeria’s creative economy will reach $15 billion by 2025, with the Nigerian film industry alone now worth $6.4 billion.
