Supporting Nigeria’s multi-billion-dollar film industry, a critical component of the creative economy, through financing infrastructure development is seen by experts as crucial to the development of the industry, job creation and economic growth.
The experts who spoke at the maiden edition of Africa Film Finance Forum in Lagos recently described the industry as capable of generating up to 200 percent return on investment for investors and creating more jobs.
The thriving film industry, just like other climes, needs interventions from financial institutions and government to address its challenges and catalyse its growth.
Some of the speakers identified poor infrastructure, distribution of content, piracy, monetisation of content, lack of access to cheap capital as hurdles in the industry.
On supporting the industry to unlock its potentials and impact the economy, Ben Murray Bruce, Founder of Silverbird Group who described the industry as one that has great value to the economy said that “What is important is for the government to make funds available for the industry to develop it and save lives”.
He categorically said that the government needs to take a position on the industry and make funds available at rates that are affordable and accessible to people who have basic intelligence and who can turn the economy around.
Bruce, who states that Nigerians are smart people, believes that certain industries such as film, sports and music can take urchins away from criminality. “If you ask a child, do you want to commit robbery, get on drugs, or sing to become famous. Any potential criminal will choose to make music or become an athlete, if you give a child that option”.
Also speaking at the forum, Moses Babatope, CEO of Nile Media Entertainment Group who spoke on ‘Expanding Cinema infrastructure in Africa: Unlocking ROI through Cinema chains and digital platforms’ described the trajectory in the film industry as modest growth. He said when the growth is compared to Nigeria’s population and the amount generated as a content creating industry, “there is a big mismatch”
Babatope who is a prominent executive in the Nigerian film industry said for some reasons, “We have focused on content investing, content financing, without that critical investment in infrastructure”. He believed that when there is investment in infrastructure, the cinema industry will grow and attendance for cinema will equally grow.
He expressed delight that the Africa Film Finance Forum has kick-started discussion on critical investments in the infrastructure, particularly infrastructure that monetizes content.
Mary Ephraim Egbas, Convener of the forum said the initiative was designed as collaboration between operators in the film industry, other stakeholders and financial institutions focused towards a prosperous future for both sectors.
According to her, the African film industry employs thousands of people and it is an over $20 billion industry. “Therefore, this is the right time for the finance industry to take action”. Certainly, this means changes, new thinking, and collaboration with an open mindset”.
Convinced that the film industry is certainly one of the biggest industries in the world, with a very high return on investment, she said with over 200% possible return on investment, the forum goal is to match prospects with financial opportunities.
Samer Abdu, Associate Investment Officer at International Finance Corporation, IFC said the body is always interested in financing projects the body finds interested in Africa. “We want to find opportunities and partner infrastructure”.
Erigi Okpakpa, Project Manager for Creative and Digital industry at Bank of Industry highlighted the need for those seeking financing to understand the documentation required for that purpose.
Isioma Idigbe, a lawyer, agreed that the film industry globally is in crisis including issues of distribution and piracy but said this will lead to standardizing practices.
CEO of 9mobile, Obafemi Banigbe, called on industry stakeholders to leverage on digital infrastructure provided by telecoms operators to drive Nigerian film industry, using the hybrid approach.
In another keynote address, the Special Adviser to the President on Industry, Trade and Investment, John Ugochukwu Uwajumogu, pledged federal government’s support for the Nigerian film industry. He said the government has reformed some of its policies to support the growth of the film industry in Nigeria.
In his keynote address, the Special Adviser to the President on Creativity, Baba Egba, challenged industry players to rise to the global stage and take advantage of the development funds approved by President Bola Ahmed Tinubu, to further grow the industry.
The convener of AFFF, Ephraim-Egbas, called on the financial industry in Nigeria to leverage on the $20 billion global entertainment industry, and intensify efforts in financing the Nigerian entertainment and film industry.
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