How NEXIM Eases Challenges of Film Funding

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blackpearl

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Since the Nigeria Export-Import Bank (NEXIM) became popular in the creative circle as one of the custodians of the federal government fund for the arts, it has become necessary to explain the bank’s role. Nseobong Okon-Ekong reports

When the global economy experienced a slump that culminated in a global financial crises that caused a dip international trade by 12% in 2008, figures from the United Nations Conference on Trade and Development (UNCTAD) shows that world export of creative goods and services grew at an annual average of 14% between 2002 – 2008, reaching a peak of $592billion in 2008. So while the economy of most countries burn, folks were watching the movies, (no wonder we survived it).

The global film and entertainment industry generated about US$90.6billion revenue in 2010, revenue is projected to increase to US$102.7 billion in 2012. Most of these revenue streams are largely from theatrical distribution. North America contributed the largest market share of about 40%. Europe, Middle East and Africa accounted for 24%, Latin America, 20% and Asia Pacific made only 3% contribution.

Nigeria was Africa’s most prolific producer with a consistent production of over 2,400 yearly titles in the past three years – 2,408, 2,514 and 2,621 in 2008, 2009 and 2010 respectively. Provisional Data in 2011 from the Nigerian Films and Videos Census Board (NFVCB) indicated that 1,743 and 1,234 movies were respectively registered and approved. The Percentages produced in 2010 in the main languages were 44% English, 31% Yoruba, 24% Hausa and 1% Ibo.

Little wonder then Nollywood is ranked third globally in revenue, with receipts over the years reported to range between US$300m to US$800m in the recent past. Nollywood film rights are predominantly exploited through Home Video - CDs/DVDs releases and Cable / Satellite broadcast rights. However, there are still genuine concerns regarding distribution, developing a proper framework for the industry and of course the problem of funding.

How NEXIM Eases Challenges of Film Funding, Articles | THISDAY LIVE
 
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