37 Nollywood filmmakers receive interest-free loans from Sanwo-Olu
Lagos State Governor, Babajide Sanwo-Olu presented checks worth N200 million to 37 filmmakers, who are beneficiaries of the special interest-free loan to filmmakers under the Creative Initiative of the State (LACI), an initiative of the Ministry of Tourism, Arts and Culture.
The initiative which aims to address the financial challenges that hamper the production of quality films in Lagos and Nigeria is considered the first by a state government.
Represented by the Commissioner for Tourism, Arts and Culture, Uzamat Akinbile-Yusuf, during the presentation ceremony held at the Glover Memorial Hall in Lagos, Sanwo-Olu said that the initiative and the presentation of checks are a testament to his administration’s commitment to ensuring the entertainment industry’s potential is realized.
Speaking through Akinbile-Yusuf, Sanwo-Olu urged recipients of the first batch of the revolving loan to make wise use of the loan and repay it when scheduled to enable others to be self-sufficient as well.
Earlier in an introductory speech, the Executive Secretary of the Lagos State Film and Video Censors Board (LSFVCB), Barrister Adebukola Agbaminoja noted that the agony of limited funding channels had so far hampered the full potential of the industry.
The Executive Secretary, who observed that more than eighty percent of films produced in Nigeria were produced in Lagos State, noted that this was in consideration of the film value chain in Lagos State. in particular, and in Nigeria in general, that the Governor of Lagos State, magnanimously promised to help the industry overcome financing hurdles by providing “interest free” loans through the Lagos Film Fund.
According to the Agbaminoja, “The Lagos State Film Fund, as conceptualized by Mr. Governor, was born to create a stress-free funding stream for the industry and also motivate private organizations to foster many of these funding streams for the complete value chain upgrade of the Nigerian film industry.
“Today, as the Governor presents checks to the first group of film fund recipients, we are proud to say it is yet another promise kept.”
One of the beneficiaries of the fund and famous veteran Nollywood actor and producer, Prince Jide Kosoko has thanked the Lagos State government for establishing the fund. Kosoko noted that the fund came at the right time. “It will definitely complement the film project I’m getting into and it will help a lot of my creativity to be able to come together as originally planned,” he said.