The Federal Government on Sunday said it had approved N300m capacity building fund for the Nigerian film industry.
The fund, according to a statement from the Ministry of Finance, is part of the N3bn entertainment fund, which was pledged last year by President Goodluck Jonathan.
The Presidential Intervention Fund called: Project ACT Nollywood, is managed by the Minister of Finance, Dr. Ngozi Okonjo-Iweala, and her Culture and Tourism counterpart, Chief Edem Duke.
In the statement, which was signed by her Special Adviser on Communication, Mr. Paul Nwabuikwu, Okonjo-Iweala said the fund would be inaugurated on Monday (today) through the activation of a website, where it could be assessed.
The capacity building fund, she stated, was the first in a series of initiatives planned under Project ACT Nollywood, and was made up of two components.
The first is N150m dedicated to training and skills acquisition by Nollywood practitioners in all competencies along the entire value chain of Nigeria’s movie industry.
They are scriptwriting, directing, production and production design, special effects, lighting, sound, acting, cinematography, make-up and editing.
The second component is the Capacity Development Fund, which is also worth N150m. It will give grants to existing Nigerian-owned private institutes that offer training courses, programmes and technical certification in the movie industry.
Additionally, the CDF may be used to upgrade existing facilities, procure equipment and develop internal capacity to offer a set of courses and training programmes, which address key skills gap.
The statement also quoted the minister to have said that the establishment of the fund underscored government’s commitment to supporting Nollywood in recognition of its contributions to the economy.
“This is the first of the initiatives planned under Project Act Nollywood. And it shows that the President is keeping his word to the industry and to Nigerians. Nollywood deserves this support because it has added value to the economy by creating jobs and acting as an ambassador to the country, projecting Nigeria to many parts of the world that hitherto knew little or nothing about the country,” she added.
[Source - Vanguard]