PRIOR to 1998, the entertainment industry in Nigeria was very modest with musicians, actors and models being satisfied with just fame; they attracted very little interest from investors. From that humble beginning when showbiz promoters had to drain their own bank accounts or sell properties to stage concerts only to run into debt, Nigerian entertainment industry has become a major income earner, especially among the youths.Unlike those days when entertainers were treated as 'never-do-wells' of society, Nigerian artistes are today celebrated worldwide, with most of them raking in millions for a mere 30 minutes on stage performance. Brand ambassadorship and endorsement have become the order of the day, with the celebrities gracing billboards and representing international brands. Today, opportunities are springing up for budding entrepreneurs. Show promoters, artistes and their managers now count in millions of income. The success story spans movie, film and music production, comedy, events management, modeling, beauty pageantry and others.However, analysis shows that income in the showbiz industry is increasing in staggering proportions and with it the need to hitch up the funding and take the game a notch higher.In what seems like a strategic effort to boost the showbiz industry, as well help generate foreign exchange for the country, the management of the Nigerian Export and Import bank (NEXIM) has restated its plans to fund productions in the creative industry. The initiative is in line with the Federal Government's directive of making $200 million available to the creative industry.Coming on the heels of the recent partnership with filmmaker Tony Abulu on the movie, Dr. Bello, the Managing Director of the bank, Roberts Orya, explained that the fund represents a significant commitment by the Federal Government to the creative segment of the economy. Partnering with the new beneficiaries, Orya noted, not only paves the way for the presence of a broader international market, but also puts to rest insinuations that the fund is open only to box office heavy weights.Orya, who unveiled the plan during a media chat with showbiz reporters recently in Lagos, informed that more filmmakers have been penciled down to benefit from the fund.He had stated, '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.'Underlying these policies and interventions, he noted, is the recognition of the need to generate inclusive growth that significantly reduces the uncomfortably high levels of unemployment most particularly amongst urban youth, especially in the arts.'The Federal Government sees itself as a catalyst in starting off a number of SME/SGB support initiatives and programmes and in establishing an initial set up or catalyzing fund,' Orya continued.On the criteria for the loan scheme and the outlook for a better industry, Orya said that the three outfits the bank was currently working with were those that met the eligibility criteria laid out by the bank as approved loans shall be disbursed in line with modalities during appraisal process.He stated, 'NEXIM Bank will soon be reaching an agreement with not just filmmakers but other segments of the creative industry like music, visual arts and others.This is partly to address the historical reluctance of Nigerian banks to engage the segment by showing that FGN's credits, properly channeled to the segment, can be serviced and repaid thus hopefully setting a precedent that banks will directly adopt as their liquidity positions improve'.While the creative industry may appear to have been crippled by certain factors, key players believe the loan scheme championed by the Federal Government would help address such issues.While enumerating the objectives of the Nigerian Creative and Entertainment Industry Stimulation Loan Scheme, Orya noted that the initiative was designed to achieve certain strategic objectives, arguing, 'First among them is the desire to harness the Nigerian cultural diversity and talents in a structured manner to ensure the orderly growth and development and the conservation of the nation's cultural heritage. The scheme also seeks to enhance the abilities of players in the entertainment sector to collectively benefit from government's support programme for the industry; improve quality at all stages of the value chain from production to post-production and retail distribution.'If properly executed, there are strong indications that the scheme would help in deepening creative entertainment value chain, diversifying revenue streams in the industry, promote the creation of a viable and sustainable industry, thereby enhancing employment generation and wealth creation potentials of the sector.'This initiative will help broaden Nigerian export basket through formal and non-traditional exports of Intellectual Property products and services as well as attracting investment capital to the industry towards the development of modern studios and/or broadcast/media facilities,' he said.Meanwhile, empirical evidence has shown that the Creative and Entertainment Industry is a key driver of global proportion and can contribute to sustainable economic recovery. During the recession, the creative economy continued to thrive as people continued to go to cinema and museums, listen to music, watch videos and TV shows and play video games. The continued growth of the creative economy reflects the general tendency of people to preserve their culture in addition to the quest for memorable life experiences through social events, entertainment and leisure.Orya noted, 'The Nigerian film industry is widely adjudged as the most prolific in the world with consistent production of over 2,400 yearly titles in the past three years. Provisional Data in 2011 from the Nigerian Films and Videos Census Board (NFVCB) indicated that 1,743 and 1,234 movies were respectively registered and approved. Nollywood is also ranked third globally in revenue, with receipts over the years reported to range between $300 million to $800 million in the recent past. Nollywood film rights are predominantly exploited through Home Video - CDs/DVDs releases and cable/satellite broadcast rights'.In courting Nigerian moviemakers towards a healthy partnership, there has been a level of engagement between the bank and industry people, as revealed by the Managing Director.'We have met physically to the point that we have operating guidelines. We have had a lot of people in the movie industry sit down to talk because we felt that was the way forward. A look at the Nigerian creative industry and its peculiarities show that it parades a large pool of young creative talents who have taken the game to a global scale as is evident in the recent collaborations with foreign artistes or tour of global cinemas by Nigerian filmmakers.'As Orya puts it, funding the industry goes a long way in ensuring job creation, noting, 'In 2010, even before the President's pronouncements, 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 creative industry by NEXIM is over N550 million'.
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