News reaching us now is that the Federal government, through the Bank of Industry (BOI), has introduced a special program called Nollyfund. As the name suggests, the aim of the program is to help filmamakers with funding, in their quest for producing high quality movies which meet both local and international standards.
The project has an initial Program Limit of N1.0billion and a limit of N50million for individual loans.
According to an official statement released by the organization, “BOI has developed a special Product Program called “BOI NollyFund” under which Nigeria’s leading movie producers will receive financial support to produce international quality films and screen them through various platforms of movie distribution available both in Nigeria and internationally.”
“To support this process and ensure that only commercially viable scripts with good storylines benefit from the scheme, the Bank has set up a NollyFund Implementation Advisory Group made up of two (2) cinema management experts, one (1) national film distributor, two (2) production and post-production experts, two (2) film critics/reviewers, and two (2) film producers. The Group’s mandate is to critically review all the film scripts and associated budgets submitted to BOI by movie producers and make technical recommendations to BOI management for final credit appraisal and subsequent approval in line with the Bank’s Credit Policy.”
The fund can be accessed by all companies involved in film production. Any applicants is 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.
Interested movie producers are advised to visit www.boinigeria.com/nollyfund to obtain more information on the Product features, the procedure for submission of applications, documentation requirements, pricing, amongst other relevant information.