BusinessDay
NigeriaDecides2023

N3bn presidential entertainment intervention kicks off with N300m capacity building fund

The Federal Government has officially commenced action on the N3 billion support for the Nigerian film industry, Nollywood, with the roll out of a N300 million capacity building fund.

The presidential intervention, called Project Act Nollywood, is managed by the coordinating minister for the economy and minister of finance, Ngozi Okonjo-Iweala and the minister of tourism, Edem Duke.

The capacity building fund which is the first of a series of initiatives planned under Project Act Nollywood is made up of two components.

According to a statement from the Finance Ministry, the first is a Training Fund of N150 million dedicated to training and skills acquisition for Nollywood practitioners in all competencies along the entire value chain of Nigeria’s movie industry. These include scriptwriting, directing, production and production design, special effects, lighting, sound, HD techniques, acting, cinematography, make-up, editing, etc.

The second component which is also worth N150 million is the Capacity Development Fund which will give grants to existing Nigerian-owned private institutes that offer training courses, programmes, and technical certification in the movie industry, the Finance Ministry noted in the statement.

It further said the Capacity Development Fund may, in addition be used to upgrade existing facilities, procure equipment and develop internal capacity to offer a set of courses/training programmes, which will address key skills gap.