Thread: Movie industry generates N30 billion in 10 years

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Movie industry generates N30 billion in 10 years

It was thumbs up for the movie industry in the country yesterday with the Finance Minister, Dr. Ngozi Okonjo- Iweala disclosing that in the last 10 years, the sector has raked in between N10 and N30 billion.


The minister who spoke at a one-day seminar held in Lagos, added that the sector during the period produced about 6,000 movies and employed about 300,000 Nigerians.


She added that in future the sector holds the key to the economic growth of the country, stressing that everything possible would be done to develop the sector. .


Praising film makers for their efforts, Okonjo- Iweala added: "What I have found particularly admirable about the home movie industry is its self- sufficiency ." She added: "These producers, instead of standing aloof like some Nigerians, the entrepreneurs of this unique industry have refused to wait for anybody, including government even in the face of obstacles."


She disclosed that when she identified the sector as one of the future sources of growth while drafting the government economic reform programmes, her colleagues in the Federal Executive Council (FEC) did not take her serious, stressing that today she has been vindicated. In her address titled An Authentic Economic Sector and National Heritage, Okonjo-Iweala announced that the Federal Government was taking the Industry very seriously.


She explained that its economic team ensured the movie sector was documented in the National Economic and Empowerment Development strategy (NEEDS) where it was seen that the sector has a significant foreign exchange earning capacity.


However, she decried the problems facing the sector,saying these include quality of output, intellectual and property rights,poor production and marketing.

She urged film producers not to relent in the face of challenges saying: "Don't be complacent." She stressed that one of the pillars of the government's reform programme was strengthening the private sector. She added that the movie industry though informal, falls under the category, adding that government was willing to help the industry grow.


Her words: " Assisting the movie industry is not a favour or some kind of charity. It is imperative." The minister added that some of the peps the government intends to give the home movie sector include encouraging bankers to fund the sector, developing export initiative funding through the bank of industry and providing incentives for investment in the industry.

Specifically,she commended NAL Bank PIc for investing N24 million in the sector through setting up of a first-class studio and making the seminar a reality .


In his remarks, Federal Capital Territory (FCT), Minister, Mallam Nasir el- Rufai, disclosed that he was ready to assist movie practitioners set up an entertainment village in Abuja.


"We have reached out to other sectors, we want to reach out to you. We want to strengthen you," El Rufai said.In the same vein, the Senior Special Assistant to the President on Budgeting Affairs, Dr. Oby Ezekwesili, said what would move Nigeria forward was knowledge, stressing that the movie industry was all about creativity .She added that the sector would help move the country forward economically.


Ezekwesili called for the use of home video as a catalyst for change,especially the attitude and impressions of foreigners about our people.

Also, the Managing Director of NAL Bank PIc and the organiser of the event, Mr. Ben Akabueze, said although the Nigerian home video industry was, the most exciting and diversified in Africa, it was yet to be fully promoted.