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Stakeholders seek funding for entertainment industry 

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Stakeholders in the Nigerian entertainment industry have called on the government to relax the process for accessing special funding by players in the sector, noting the difficulties of emerging creatives in accessing the funds. 

Speaking at the first-ever Nigerian Entertainment and Economic Roundtable, held recently at the Lagos Airport Hotel, the industry professionals charged the government to formulate policies, through loans and grants that will encourage young talents to excel in the industry, without stringent collaterals.

The event had 156 persons in attendance, including policy makers and industry professionals such as the Indian High Commissioner to Nigeria, Mr. Abhay Thakur, United Arab Emirates Ambassador to Nigeria, Dr. Fahad Al-Taffaq, Permanent Secretary and Directors of Ministry of Culture, Sokoto State, Actors Guild of Nigeria (AGN), Performing Musicians Employers’ Association of Nigeria (PMAN), Association of Movie Producers (AMP), Director Guild of Nigeria (DGN), among others. 

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The stakeholders also urged the government to emphasise and integrate the annual roundtable into the Ministry of Budget and National Planning, to help facilitate its yearlong programmes. 

Among resolutions at the roundtable include establishing a Nigerian Entertainment Bank (NEB) geared towards industry-specific financing, a Nigerian Institute of Entertainment (NIE) for standardisation and quality control, alongside a Nigerian Entertainment City (NEC) as a hub for entertainment events. 

Participants also pointed out the need for private sector players to emphasise the maintenance and improvement of tourist centres across Nigeria, in their corporate social responsibility (CSR) initiatives, adding that the entertainment and creative sector in general is intrinsic to national development and growth of the economy. 

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