Dr. Ngozi Okonjo-Iweala, the Coordinating Minister for the Economy and Minister of Finance, said in Lagos, southwest Nigeria that, the N3 billion intervention fund which President Goodluck Jonathan promised the Nigerian film industry last month will not be shared out as grants or loans, said
While speaking during a town hall meeting at Eko Hotel & Suites with heads of various Nollywood guilds and association, and other key players in the film industry, Okonjo-Iweala stressed that the fund, contrary to the impression some stakeholders may be nursing, is not planned to be shared, rather the objective is to leave behind something solid on which the industry can leverage on and grow to a new height.
In her words, she said:
“The N3 billion which the President promised is meant to be a catalyst which will help the industry leverage other sources of funding and expertise and grow to a new level. The money will not solve every problem but it’s a good beginning. We need to use it well for the benefit of this important industry and the benefit of the country."
While stressing that the new grants will not override the earlier $200 million fund presently being disbursed by both Nigeria Export-Import Bank, NEXIM and Bank of Industry, BoI, She maintained the Government's stance.
President Goodluck had on 2 March, President Jonathan at a presidential dinner with filmmakers at State House, Marina, Lagos, announced the largesse as a consolation for the effort of the filmmakers whom he said have developed the industry in the last 20 years without any visible government assistance. The fund is to be managed by the Finance Ministry in collaboration with the Ministry of Culture and Tourism.
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