BoI to invest N2 billion in Nigerian movie industry

folarin okunola

September 21, 2015 9:48 AM

The Managing Director of the institution said the bank has not only relaxed the criteria for getting loans by the industry members, it has also put in a mechanism aimed towards galvanizing repayment of loans.

Kunle Afolayan at work on the set of The CEO

Reports have revealed that the Bank of Industry has announced its intention to facilitate access of members of the creative industry in Nigeria to its loan facilities. The bank has said it intends to make N2 billion available with a restructured criteria, which is aimed at making funds more accessible and boosting quality movie content and high standard production.

According to Ventures Africa, Rasheed Olaoluwa, Managing Director of the institution, said the bank has not only relaxed the criteria for getting loans by the industry members, it has also put in a mechanism aimed towards galvanizing repayment of loans.

READ: Country’s economy to hit $1trn mark

To this end, the bank has also set up a Nollyfund under which leading producers with the financial support to produce quality movies of global standard and screen them on platforms home and abroad.

Ace producer, Kunle Afolayan, commended the bank for improving the access to the loan facility, stating that his new project, ‘The C.E.O’, only commenced because of the accessible loan from the bank.

The BoI is the oldest, largest and rated the most successful development bank and financing institution in Nigeria. The bank was founded in 1964, but reconstructed in 2001.

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