BOI set to assist entrepreneurs interested in establishing cinemas

Head of Creative Industry Group, Bank of Industry Uche Nwuka, on Monday said that the industry was ready to give financial assistance to Nigerian entrepreneurs interested in establishing cinemas within the country.

Nwuka said this during the Creative Nigeria Summit, with the theme: “Financing the Film, Television and Music Industries,” at Eko Hotels and Suites in Lagos.

She said that BoI would prefer to support those interested in establishing community, neighborhood and mobile cinemas as the industry wished to support the growth of the sector in the country.

She said: “I want to use this opportunity to announce to you that the Bank of Industry is willing to give soft loans to creative entrepreneurs interested in opening neighbourhood, mobile and community cinemas.

“Whoever is interested in getting soft loans to open a cinema house should visit our office for more information.”

Also the Managing Director, MediaGuru, , Sanjay Salil advised Nigerian film producers to invest more in the production of short films with short contents like soap operas and series.

Salil said due to the fact that they are always produced in series short films and soaps films were difficult for pirates to copy.

He said that the Nigerian movie-industry was contributing 1.4 per cent to the nation’s gross domestic and advised the Federal Government to give an enabling environment to individuals in the creative industry.

He said: “Nigeria is such an endowed country; India’s movie industry is only contributing 0.5 per cent to the India’s GDP, but Nigeria’s movie-industry is contributing more.”

Also the Managing Partner, HC Capital Properties Hafeez Giwa, said movie-producers needed to improve on the standards of their studios, the qualities of their scripts, and post-productions of their movies.

Giwa said that the stakeholders needed to do more to perfect their works.


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