Under President Bola Ahmed Tinubu’s Renewed Hope Agenda, the federal government has disbursed N1.5 billion to movie producers for their projects.
This initiative is part of the N5 billion Creative Fund, launched in partnership with Providus Bank in December 2023.
The first disbursement, which began in May 2024, has seen N1.5 billion allocated to four actors and producers.
Fegho Umunubo, Special Assistant to the President (Office of the Vice President) on Digital and Creative Economy, announced this in a statement posted on his Instagram page.
He said, “Following the successful disbursement of N1.5 billion to four actors/producers for their movie projects, we are excited to support even more creative projects. If you know someone looking for funding for their creative project, share this email address: creatives@providusbank.com. We’re proud to empower Nigerian creatives and bring more amazing projects to life!”
The screening process for the second batch of applicants for the N5 billion fund is currently underway. The creative industry is one of the country’s fastest-growing sectors, and this funding aims to further its development.
In addition to the Creative Fund, the federal government, in collaboration with the African Development Bank (AfDB), plans to roll out a $617 million IDICE Fund for the digital technology and creative industry.
The iDICE programme, a five-year initiative, is designed to leverage digital technologies as a catalyst for socio-economic development and to position Nigeria as a major participant in the global digital economy.
This $617.7 million programme is financed by the Islamic Development Bank (IsDB), Bank of Industry (BOI), and AfDB.
Additionally, in 2023 the government extended support to fashion entrepreneurs, providing N2-5 million per business for startups in Enugu and Jigawa states.
This initiative, which began disbursement in May 2024, empowers fashion trainees who have completed their training programs, enabling them to advance their businesses.
The administration also secured a $3 million international investment for training in the creative industry in partnership with French companies.
This collaboration aims to enhance the skills of Nigerian creatives, equipping them to compete globally.
Moreover, the NaijabrandChick Trade Fair received an investment of N1 million per business for three businesses showcasing culture and creativity on digital platforms. This initiative, which began in May 2024, provides essential capital for these innovative enterprises.
Nigeria’s creative sector, as classified by the National Bureau of Statistics (NBS), includes five sub-sectors: Media and Entertainment, Beauty and Lifestyle, Visual Arts, and Tourism and Hospitality.
Currently, the sector employs about 4.2 million people across these sub-sectors. Projections indicate the creative sector can create an additional 2.7 million jobs within the next four to five years-
Mustard Insights projected the Nigerian creative economy to reach a valuation of $15 billion by 2025. Already Nigeria’s movie industry alone is worth $6.4 billion.
