WE HAVE all heard about them, if not watched them. Their storylines are simple and connect easily with the audience.
The cinematography might not be that great and pictures are sometimes blurred. But love them or hate them, Nollywood movies are here to stay.
With the Nigerian Export-Import Bank (Nexim Bank) now financing this industry with a worldwide imprint, including a captive audience in Africa, Europe and the Middle East, Nigeria’s film industry will never be the same again.
So said Nexim Bank managing director Roberts U Orya on the eve of the World Economic Forum, taking place in Cape Town until Friday. He is here to put Nigeria ‘s case on the world financial market, including the fast-growing entertainment industry, and particularly Nollywood.
“Nigeria has a lot of opportunities to offer South African businesses in partnership with Nigerian companies. These opportunities, besides the manufacturing, solid minerals, and agriculture sectors, also exist in the services sector, particularly in entertainment.
“We have just had a successful election, which has gone out to deepen democracy. Our President Governor Goodluck Jonathan is a visionary and ready to lead Nigeriato a bright future. The election’s success has firmly increased the rating for Nigeria in the world of finance and opening opportunities for business in Nigeria,” Orya said.
He said Jonathan had put aside about R1.4 billion to develop Nollywood , especially for producing movies and infrastructural development.
“This money is co-administered by Nexim Bank and the Bank of Industry. Film producers can now access this money through borrowing, to fund bankable film projects,” Orya said.
“It is not a grant from the government. As Nexim Bank we have asked industry experts to research its financial viability, to help banks make sound decisions when funding projects. We also want to increase the market for our movies by partnering with other countries through film festivals and increasing the number of cinemas. Nigeria has only 10 cinemas.”
“To deal with piracy we want to establish these cinemas so that movies are on circuit for say two years before DVDs are released on the market,” he said.
Nollywood contributes about R3,5 billion a year to Nigeria’ s GDP and is the third largest film industry after Hollywood and Bollywood.
