The federal government has signed a Memorandum of Understanding (MoU) with the winners of the second batch of the Film Production Fund component of the Project ACT Nollywood Intervention Fund.
The Film Production Fund is one of the three components of the N3 billion Presidential Intervention Fund for the Nigerian movie industry, Project ACT Nollywood.
It was in line with the implementation of Project ACT Nollywood that some film production firms which scaled the rigorous processes met at the Federal Ministry of Finance, Abuja where they signed a MoU with the federal government to enable them access funds under the film production component of the scheme.
Present at Thursday’s MoU signing ceremony in Abuja were Nollywood stars, including Zeb Ejiro, Charles Novia, Fidelis Duker, Zik Zulu Okafor, Bayo Awala, Ralph Nwadike and Franca Brown, among others.
At the event, the movie industry players could not hold back their appreciation of the Jonathan administration’s support, applauding the government for deeming it fit to inaugurate the fund and in the process getting Nollywood into government’s strategic thinking and planning.
The National Coordinator of Project ACT Nollywood, Dr. Supo Olusi, reiterated that the N3 billion, three-part Intervention Fund which is broken down into the Capacity Building Fund (N300 million), Film Production Fund (N700 million), and the Distribution Fund (N2 billion) had elicited keen interest from the Nollywood community.
While praising practitioners for wholeheartedly embracing the intervention and becoming true partners in progress, he urged them to avail themselves of the benefits and thereby make Nollywood an even stronger force to reckon with in the global film industry.
He assured them that only such application would please President Goodluck Jonathan and the Coordinating Minister for the Economy and Minister of Finance, Dr. Okonjo-Iweala.
In his remarks, Charles Novia commended the project and endorsed the idea behind making the Distribution Fund take a larger chunk of the total intervention fund.
Similarly, Zik Zulu Okafor commended President Jonathan for considering the entertainment industry through the creation of the project and the earmarking of funds to support them, adding that for this reason, the president had won the industry’s heartfelt appreciation.
It is instructive that the number of practitioners who have received grants under the Capacity Building Fund component of Project Act Nollywood, the second component whose implementation started earlier.