Playing host to a couple of media practitioners recently, the Managing Director of the Nigerian Export and Import Bank (NEXIM), Mr. Roberts Orya, explained the criteria for operating the Loan Scheme and workings of the fund.
Though a lot of people hailed the initiative, going by the acceptance it received from senior players in the industry, but as with life, everybody is not inclined to toe the same line.
Little wonder some of the players in the industry did not show enough enthusiasm in the fund, even though they did not condemn the initiative.
Filmmaker and founder of the Africa Movie Academy Award (AMAA), Peace Fiberisima – Osigwe, for instance, cannot understand why a foreign-based moviemaker in the person of Tony Abulu was the first to access the fund when, according to her, there are lots of talented actors and actresses in Nigeria.
“Most people cannot access this money that has been promised. I know the president has good intentions, but the people he put there are not doing it right. We have some people who worked for the film industry who can make things happen, but the people in charge are doing colonial mentality which is inviting people from abroad for them to be able to get the loan.
That makes a mockery of all the hard work of the people”, she said.
However, going by Orya’s explanation, the fund represents a significant commitment by the Federal Government to the creative segment of the economy. Partnering with the new beneficiaries, he said, 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 big wigs in the entertainment industry.
According to Orya, the NEXIM mandate covers majorly, films and other creative endeavours with exportable potentials, as one can deduce from the name of the Bank. He noted that while his Bank is just one of the managers of the fund, projects with major domestic consumption can be taken care of by co-managers of the fund.
He explained that although some Nollywood practitioners applied for the fund, and received approval before Tony Abulu, they were unable to meet the documentation aspects that would enable them access the fund.
He decried the sentiment that portrays Tony Abulu as a foreigner, saying that the fact that the filmmaker is based abroad does not make him less a Nigerian.
He noted that apart from the fact that Tony Abulu was able to meet all requirements of the Loan, including the collateral, he has maintained an auditable business structure that assures return on investment.
“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 is the strong recognition of the need to generate inclusive growth that significantly reduces the uncomfortably high levels of unemployment most particularly amongst urban youths especially in the arts. The FGN sees itself as a catalyst in starting off a number of SME/SGB support initiatives and programs and in establishing an initial set up or catalyzing fund,” Orya said.
The NEXIM boss went further to unveil the Bank’s plan for the entertainment sector of the creative industry in the country.
In order to ensure the fundamental growth of the entertainment sector, generate employment and add significant value to the Nigerian Economy by fostering sustainable social and economic development, he said, the Government has taken a laudable initiative by making available a US$200 million Stimulation loan facility which is being provided for intervention in the entertainment industry under the Nigerian Creative and Entertainment Industry Stimulation Loan Scheme (NCEILS).
“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,” he added.
Orya also countered the claim from some quarters that it is only the film industry that can access the loans. “It is not true, the money is generally meant for entertainment industry in Nigeria, be it producers, musicians or even those in the visual arts sector.
It is purely an entertainment issue, no restrictions. It also includes film production, music and film export, market development and proper distribution network / system.
But when newsmen spoke with Prince Jide Kosoko, the President of Association of Nigeria Theatre Practitioners (ANTP), he said, they have only been hearing about the money, but they have not been carried along with the project.
Fidelis Duker, the CEO of Abuja International Film Festival, however, airs a contrary view. According to Duker, the project is not invisible as people tend to say.
“All I can tell you is that, we have been carrying a lot of people along, but some of them do not just want to understand the rudiments of how the money could be accessed” he said in defence of Orya.
Even as the bank is doing all it can to make the industry work, there still exists some doubting Thomas’ who insist that there is more to be done on the part of the NEXIM Bank.
The question on the lips of many entertainment enthusiasts and key players is will this marriage work?
“Yes, we believe it will work, and that is why we are on it” says the NEXIM boss, who enthused that even before the announcement of the intervention fund by Mr. President, his bank, in line with its mandate has been funding exportable projects, which do not leave out the creative and entertainment industry. He disclosed that to date, the total funding support to the Industry by NEXIM is over N550million.
SHARE THIS POST
