THE Federal Government says it has released N420.2 million to the Nigeria film industry popularly known as Nollywood to improve and support aspiring film makers.
According to a statement issued by the Deputy Director of Information, Federal Ministry of Finance, Patricia Deworitshe, on Friday in Abuja, the money, which is the second payment to the sector, will help 105 film distributors. It would be recalled that the past administration had earlier introduced the “Project Act Nollywood”, with three primary components aimed at developing the movie industry.
The components are the Film Production Fund (FPF), Capacity Building Fund (CBF) and Innovative Distribution Fund (IDF).
The FPF and CBF have been fully implemented, while the IDF, which is the third component of the project, is on-going. The IDF covers online, National, Regional and community categories of Nollywood Film distribution and exhibition. The objectives of IDF are to improve the distribution network of Nigerian Audio-Visual contents, cut down on piracy, create jobs, and protect Intellectual Property Rights (IPR) within the Nigerian Entertainment Industry.