Nollywood renews call for endowment fund, national film policy review

A few years ago, as part of efforts to boost the creative industry, particularly, its ability to create jobs for youths, the Central Bank of Nigeria (CBN), in collaboration with the Bankers’ Committee, introduced the Creative Industry Financing Initiative (CIFI) loan.

The initiative was launched with a large ambition. It was founded to take advantage of the potential of the industry.In fact, when CBN eventually released information on how to access funds for their creativity, many thought it would be straight-forward and easy to access. It was considered a historic terminus for creative industry funding.

Many argued that the initiative was an indication of government’s commitment to tackling menace of unemployment in the country. It was assumed that CIFI would employ about 300,000 youths over the next five years and lead to the accumulation of foreign exchange. It was also believed that itwould stimulate investment in the industry to the benefit of everybody.

CIFI held great promise in providing much-needed funding to creative entrepreneurs, who have been striving to unleash their artistic potential and contribute to the nation’s prosperity.

However, it was disheartening to note that many deserving creative entrepreneurs encountered significant obstacles when attempting to access the financial support offered by the initiative. The challenges they faced included, bureaucratic red tape, lack of transparency in the application process, and a prolonged waiting period for approval.

According to industry practitioners, “the guidelines were too stringent. They were not what an ordinary or independent creative could access so easily”, and so, like other funds dedicated to the creative industry, much impacts have not been met.

Recently, at a media briefing held in Lagos, the Federation of Registered Guilds and Associations in Nollywood called for a comprehensive review of the national film policy to reflect today’s realities and dynamic nature of the industry.

The federation also advocated for tax holidays from the government so as to make it easier for new and existing productions to thrive. While promising to make loans and grants accessible to support filmmakers and creatives, the Federation renewed call for a National Endowment Fund for the Arts.

According to Chairman of the Federation, Dr Victor Okhai, an arts endowment fund will “provide financial backing for ambitious projects and emerging talents” to drive the much needed transformation in the industry.

The National Endowment for the Arts Act was established in 1991 to support creativity and creatives for the promotion of cultural heritage and knowledge in Nigeria. Ever since, the Fund has never witnessed practical efforts at the implementation.

For many years, the ‘National Endowment for the Arts’ as a tool for the funding of the arts, has languished on the tables of many ministers. This is in part because government has little understanding of what it is because they have not cared to find out, and, in part because it is simply more airtight, with less loopholes for exploitation. It is the most appropriate tool or structure for our particular situation. Simply put, it is an endowment administered by a national board of Nigerians from the artistic community, public officials and the private sector.

The government leads the enterprise by providing incentives for the private sector and donors. These incentives not only encourage but also compensate the private sector through tax concessions and rewards for their philanthropic donations. The burden of funding is greatly reduced. The challenge of artistic output is properly focused and the opportunities for development are greatly enhanced. The National Endowment also works as a lobby organisation to improve the status of the artist in legal, social, and political terms as well as providing artists opportunities for residencies, scholarships, and grants.

In March 2020, Germany went into its coffers and pumped in50 billion Euros to support the arts.

This is seed money from taxation, pumped into the economy and to encourage the private sector’s contributions too. The Arts Council of England functions in similar fashion. This move is an indication of government’s total failure in the use of the national revenue.

The Minister of Information and Culture during the administration of Muhammadu Buhari, Alhaji Lai Mohammed, had assured the artists community of government readiness to amend the act establishing the fund.

“We have decided to amend the Act establishing the National Endowment for the Arts so it can better meet the demands of the sector, which has been greatly impacted by the pandemic,” he said.
According to a statement by his spokesperson, SegunAdéyemí, the minister said the move is to support every medium and area of creative activity in the art, culture and heritage sector as well as to foster professional excellence in the sector in the age of pandemic. He said the government would work with the National Assembly for early amendment of the Act to mitigate the effects of the pandemic on the sector.

Aside from the renewed call for an endowment fund, the federation noted that it would intensify efforts in engaging government and financial institutions on pertinent challenges within the industry, pledging the federation’s commitment toward repositioning the industry. He added that the federation is not just coming on board to celebrate ‘our unity, but to pledge our commitment to work in harmony.’

According to him, the federation is more than a name as it is their opportunity to work closely with government bodies and organisations both locally and internationally.

By forging this partnership, he said, the federation will enhance ‘our creative economy, secure better opportunities for our members, and establish Nollywood as a global powerhouse.’
He stressed that the unity of the federation will drive job creation, foster innovation and create opportunities that were once unimaginable.

He observed that the industry has faced numerous challenges, but it is in ‘our challenges that we find our strength. Together, we will overcome obstacles, advocate better conditions for all our members, and ensure that the world recognises the brilliance of Nollywood. We will leverage our diverse talents and experiences to create a more robust and dynamic industry.’

“Let us move forward with determination and purpose, knowing that our unity is our greatest asset. Together, we will write the next chapter of Nollywood’s story, a story of collaboration, innovation, and success,” he said.

Okhai who was in company of representatives of some guilds and associations, said: “Today, we make history. Today, we become pioneers of a movement that will contribute to the growth of our nation’s creative economy. With The Federation, we are not just participants in an industry; we are leaders, visionaries, and champions of our culture.”