Bank of Industry develop special program to support Nollywood

Bank of Industry (BOI) has developed a special Program called 'Nollyfund', which is aimed at supporting film makers and producers by providing the needed financing required to grow the film industry.

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Currently ranked the in the market after Hollywood and Bollywood, Nollywood contributed 1.42% ($7.3 billion or N1.4 trillion) to Nigeria’s Re-based GDP in 2013.

The first tranche of the Fund is projected to create a minimum of 2,000 direct and 5,000 indirect jobs for Nigerians engaged in film production value chain.

The Fund can be accessed by Companies engaged in film production. Applicants are expected to provide commercially viable scripts and demonstrate a track record of successful movie productions.

The producer is expected to sign up a reputable distributor who would issue a Minimum Guarantee and provide a cash deposit of 5% of the loan amount.

A Minimum Guarantee is a cash advance payable to the Producer by the Distributor in exchange for the exclusive rights to distribute a film in contractually stipulated media in agreed Sales Territory.

According to the industry, It is interested in enhancing the image of Nigeria as Nollywood movies are being watched globally.

For more information, visit www.boinigeria.com/nollyfund.

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