World Bank has declared its intention to spend $US30 million on the film and music industry of Nigeria. This is a 100 per cent equity support to Nollywood and musicians in the country.
Chioma Nwagboso, Finance & Private Sector Development Unit, World Bank, made this disclosure at the conference organized by the Digital Bridge Institute (DBI) in partnership with Georgia Institute of Technology and the Berman Centre for Internet and Society at Harvard University.
Nwagboso speaking at the event which attracted the heavyweights in the film industry and other stakeholders said the world apex bank is ready to support Nollywood the little way it can.
According to her, “The World Bank has some money available for movie and music industry. We want to support four areas, access to finance, distribution and marketing channels, capacity building and helping to solve piracy.”
She disclosed that when the World Bank visited some local banks last year to know why they were not supporting the Nollywood projects, the banks claimed they did not understand how to get their money back adding that it was a risky venture. And if they do not see payback period, it becomes difficult for them to lend.”
This is a pretty big deal for the movie industry in Nigeria, and hopefully the quality of these movies increase a great deal.