• Tuesday, May 21, 2024
businessday logo


Filmmakers get N200m interest-free loan from Lagos government

Filmmakers get N200m interest-free loan from Lagos government

Thirty-nine Nigerian filmmakers have secured a N200 million loan from the Lagos State government, expected to be channeled into enhancing the quality of the films they churn out.

The interest-free loan is managed by the Lagos State Creative Initiative (LACI) which is domiciled in the ministry of tourism, arts and culture.

At the presentation of cheques to the beneficiaries, weekend, the state governor, Babajide Sanwo-Olu said a nine-man committee comprising veteran filmmakers and senior government officials, was set up in 2021 and given the mandate to identify struggling filmmakers that could be empowered with grants and seed fund for film production.

According to the governor, who was represented by Uzamat Akinbile-Yussuf, the commissioner for tourism, arts and culture, this initiative is basically to address the financial challenges limiting the quality of films being produced in Lagos. Sanwo-Olu admonished the beneficiaries to make judicious use of the loan and pay it back to enable others access the fund.

Speaking for herself, Akinbile-Yussuf, said before the establishment of the revolving loan for the filmmakers, the government had made various interventions to ameliorate the devastating effect of the COVID-19 pandemic on business owners in the hospitality, entertainment and tourism sector.

Read also: UK trade mission explores fresh opportunity in Nigerian film industry

“The governor constituted a Palliative Review Committee headed by Nollywood actress, Joke Silva, which proposed a N1bn immediate intervention for the various stakeholders. Following the governor’s approval, the ministry subsequently presented cheques to some of the beneficiaries at the maiden edition of Lagos Tourism, Hospitality Arts and Culture Economic (LATHACE) summit in 2021″.

“To complement this gesture, the ministry obtained the governor’s approval for a 50 percent rebate on operating licence fees payable by all the practitioners in the entertainment and hospitality sector for the year 2020,” she said.

Akinbile-Yussuf stressed that the state government was interested in using the revolving fund to bring the youth out of unemployment while also creating entrepreneurs who would use their creativity to enhance the market share of the film industry.

Adebayo Salami, who spoke on behalf of his colleagues, commended the state government and promised to utilise the funds judiciously and pay back without defaulting.