In line with President Bola Ahmed Tinubu’s Renewed Hope Agenda, the federal government has injected N1.5 billion into the Nigerian movie industry.
The funding, part of the N5 billion Creative Fund established in collaboration with Providus Bank in December 2023, aims to enhance the growth and development of the creative sector.
The initial disbursement of the Creative Fund began in May 2024, with N1.5 billion allocated to four actors and producers. Fegho Umunubo, the Special Assistant to the President on Digital and Creative Economy, shared this development on social media. He urged creatives seeking financial support to contact Providus Bank via email.
This initiative is designed to bolster Nigeria’s creative industry, which is rapidly expanding. The government is currently reviewing applications for the second round of funding to ensure more projects receive the necessary support.
In addition to this fund, the federal government is set to collaborate with the African Development Bank (AfDB) on a $617 million IDICE Fund. This fund targets the digital technology and creative sectors, aiming to drive socio-economic progress and position Nigeria as a leader in the global digital economy. The iDICE programme, supported by the Islamic Development Bank (IsDB), Bank of Industry (BOI), and AfDB, will span five years.
The government has also extended financial assistance to fashion startups, providing between N2-5 million per business in Enugu and Jigawa states. Initiated in May 2024, this support is targeted towards helping fashion trainees who have completed their programs to scale their businesses.
Again, a $3 million international investment has been secured for creative industry training in partnership with French companies, aimed at training Nigerian creatives with globally competitive skills. The NaijabrandChick Trade Fair has received N1 million per business for three enterprises showcasing Nigerian culture and creativity online.
The National Bureau of Statistics (NBS) categorizes Nigeria’s creative sector into five sub-sectors: Media and Entertainment, Beauty and Lifestyle, Visual Arts, and Tourism and Hospitality.
Currently, this sector employs around 4.2 million people. Projections suggest that the creative industry could create an additional 2.7 million jobs within the next four to five years.
According to Mustard Insights, the Nigerian creative economy is expected to reach a valuation of $15 billion by 2025, with the movie industry alone valued at $6.4 billion.