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The Nigerian Creative Industry has been recognized as one of the country’s most dynamic economic sectors contributing 1.42% to the nation’s Gross Domestic Product (GDP) in 2013, with an estimated annual revenue of $590m.
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Financing is the most crucial aspect of any film project, because the production team needs funding to pay for every step of the filmmaking process. Securing funding for a film project can be an arduous task for filmmakers, but there are many viable financing options available to pursue. NEXIM (Nigerian Export – Import Bank) is one of the areas through which the creative industry looks at being funded. It has designed a program, targeted at the creative and entertainment sector. Its goal is to ensure businesses in the creative/entertainment industry, have access to the financing they need to grow and develop. The Creative arts & Entertainment Industry Facility introduced by the Nigerian Export – Import Bank is designed to achieve the following strategic objectives:
  • Harness the growth and development of Nigerian cultural diversity and talents, whilst conserving cultural heritage.
  • Increase the chances of industry players to benefit collectively from Government’s support allocated to the industry.
  • Create a viable and sustainable industry by improving quality of production through to distribution, diversifying revenue streams in the industry.
  • Broaden the Nigerian export basket through formal and nontraditional exports of Intellectual Property products and services.
  • Attract investment capital to the industry for the development of modern studios, broadcast & media facilities.
Eligibility Any registered business or company can benefit from this facility, provided:
  • It operates in the entertainment and creative industry,
  • It is not owned by government (federal, state, or local),
  • It is not an oligarch business interest that may interfere with content policy for its own interests.
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Funding under this facility covers all segments of the creative arts / entertainment industry and across the value chains of the following activities;
  • Music (Production & Distribution)
  • Film (Production, Distribution, Exhibition)
  • Television (Production, Distribution, Exhibition)
  • Radio (Production & Distribution)
  • Fashion (Production, Distribution, Exhibition)
  • Distribution / Exhibition Infrastructure and Platforms
  • Development of production platforms and facilities
  • Acquisition of hi-tech production equipment and ancillary facilities.
Tenure Up to 7 years, inclusive of a moratorium period, depending on transaction or activity. Documentation Requirement The documentation requirement under the facility shall have basic loan facility documentation comprising some of the under listed as may be appropriate;
  • Letter of Application
  • Company Incorporation Documents;
  • Feasibility Report / Business Plan;
  • Valuation Report on collateral to be pledged
  • Land and Building
  • Equipment
  • Intellectual Property
  • Past Audited Accounts and most recent Management Account, where the last audited account is more than 3 months old or Statement of Affairs
  • Evidence of marketing / distribution arrangements
  • Pro-form Invoice(s), where applicable
  • Bills of Quantity / Production Budget, where applicable
  As well as the growth of the creative/entertainment sector, with this fund, NEXIM seeks to improve the quality of services provided, generate jobs, create wealth, attract capital investment and broaden Nigeria’s market through the export of intellectual property and services. Featured image: THISDAYLIVE
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This article was first published on 3rd February 2022

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