Bank of Industry Announces NollyFund for Nollywood

As part of its plan to support Nigeria’s creative industry, the Bank of Industry has announced a special product, “BOI NollyFund” which it said will make funds available to Nollywood movie producers to produce international quality films and screen them through various platforms of movie distribution available both in Nigeria and internationally. According to the bank, only commercially viable scripts with good story lines will benefit from the scheme. A NollyFund implementation advisory group made up of two cinema management experts, one national film distributor, two production and post-production experts, two film critics/reviewers, and two film producers have been commissioned to critically review all film scripts and associated budgets submitted to BOI by movie producers and make technical recommendations to BOI management for final credit appraisal and approval. BOI said the fund is in line with the Bank’s Credit Policy and NollyFund has an initial program limit of N1 billion and a single limit of N50 million for individual loans.        

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This article was first published on 27th April 2015

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