Nigerian Import Export Bank (NEXIM) has financed the burgeoning Nigerian entertainment industry since 2010 with over N550 million, its Managing Director/CEO Mr. Roberts Orya has said.
He said this at a press briefing in Lagos on its financing efforts to the Nigerian entertainment industry.
The support to the industry is partly being financed from NEXIM Bank’s coffers and partly from the Federal Government’s $200 million grants to the Nigerian entrainment industry.
Orya said: “In 2010, even before the president’s pronouncement, NEXIM had provided over N460 million in support of the improvement of distribution infrastructure/platforms and the establishment of new digital production studio. As at today, the total funding support to the industry by NEXIM is over N550 million.
“The Bank’s role in the creative arts and entertainment industry is two-fold, funding intervention and capacity building within the industry. In funding intervention, the Bank extends loans to eligible companies in all the value-chain within the creative arts and entertainment industry under the Nigerian Creative Arts and Entertainment Industry Facility Scheme.”
According to Orya, the Nigerian Creative and Entertainment Industry Stimulation Loan Scheme is intended to address issues regarding the institution of credible structures, attract investment in the development of content and infrastructure in the media and entertainment sector, as well as improvement in production standards, distribution, marketing and exhibition standards.
Film maker Tony Abulu was the first beneficiary. He is shooting the movie Dr. Bello, with NEXIM Bank’s financing. But Mr. Orya has said that more filmmakers have been slated out to benefit from the fund.