The Nigerian Export Import Bank (NEXIM) may have started disbursing the $200 million fund pledged by President Goodluck Jonathan to support the Nigerian entertainment industry.
NEXIM Managing Director/Chief Executive Officer, Roberts Orya, while speaking at a press briefing held at the Radisson Blu Hotel, Victoria Island,Lagos, said the partnership signified the flag-off of NEXIM’s support for film production which was promised in 2011 by the Federal Government to help grow capacity in the entertainment industry.
The first beneficiary of the fund, named NEXIM Creative Arts and Entertainment Facility, is Black Ivory Communication. Black Ivory communication will be using the funds given to them to finance a film titled ‘Doctor Bello’.
According to Orya, the fund has been opened for access to anybody interested in investing in the Nigerian entertainment industry.
“The Nigerian creative arts and entertainment industry has done creditably well in the socio-economic development of the nation. The industry has, by recent estimates, created over one million jobs directly and indirectly, and generated a minimum of $500million in revenue annually. The industry is also widely adjudged as the most prolific in the world, producing over 2,500 films yearly in the past three years,” he said.
He added that the movie, ‘Dr Bello’ is a compelling story line that promises a good return on investment for the bank and the producers.
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