Nigeria’s film industry – also known as Nollywood – is getting a firm push. Government loans for the $590 million film business are intended to fund production and distribution. According to a report by African Business Magazine, the first Nigerian films are about to conquer an international audience.
Nollywood films, known for their accessible soap-opera plots, are a high-volume, low-margin business. Most are made on a budget of between $25,000 and $70,000 and distributed on video CDs and DVDs. Nigeria is hoping to take the industry to the next level.
In 2010, the Nigerian government created a $500 million loan facility, backed by the African Development Bank, which included $200 million for Nollywood, distributed through the Bank of Industry and Nexim Bank.
One of the first films to benefit from the loan scheme, is titled Dr Bello. The film, that tells the story of an unqualified Nigerian doctor who stumbles upon a cure for cancer, is to be released in cinemas in North America this year.
Nigeria hopes that the loans can help create up to a million new jobs. The industry is already believed to support 500,000 direct jobs.
Further reading on africanbusinessmagazine.com