Saturday, July 22, 2017

Film Financing is Not the Priority for the Nigerian Film Industry

The Nigerian film industry has no film market. Nigeria does not buy or sell films. We went to Cannes and Toronto and returned without selling or buying any film. And we lie that Nollywood employs 1 million people. Where?

Presently, many of the hundreds hurriedly tutored students of our local film schools are redundant and "CLUELESS", because there are no jobs and the TV stations don't buy their movies. 80% of movies in #Nollywood and #Kannywood end up on cable TV and OTT streaming portals like iROKOtv and others. Finis. The Ministry of Information and Culture seems clueless about how to structure the Nigerian film industry. When the ministry said they got some people to contribute US$50, 000 each to raise US$1m for film financing, I knew the ministry is confused. What happened to the N3billion fund for Project ACT Nollywood? What happened to the US$200million entertainment intervention fund of the last administration of former President Goodluck Jonathan?

Bank of Industry has NollyFund and Access Bank PLC has AccessNolly Fund. So, film financing is neither the problem nor priority of the Nigerian film industry. Sharing billions of naira with the diversions and misappropriations of the funds by several beneficiaries without principles and without scruples has not addressed the lack of structure in the Nigerian entertainment industry. According to investigations by The Nation and Chris Ihidero Unedited: This is what will ruin Nollywood, the beneficiaries have not shown us enough proofs of the millions of naira they have received since 2014 to date. And the Federal Ministry of Finance has no verified evidence of the evaluations of developments.
Who is fooling whom?

Did the Ministry of Information and Culture participate in the signing of the African Film Heritage Project initiated by Martin Scorsese to locate, restore and preserve classic African movies in partnership with the Pan African Federation of Filmmakers (FEPACI) and UNESCO? See the videos of the ceremony on @247nigeria on Twitter.

~ By Ekenyerengozi Michael Chima, Publisher/Editor of NOLLYWOOD MIRROR®Series.

NOLLYWOOD MIRROR®Series Books 1 and 2.
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