Business Hilights
Tracking Nigeria's Headline Business News Online

Nollywood: ‘Only proposals with ability to make good money get BoI loans’

Managing Director, Film House Cinemas and Film One Distribution/Production, Kene Mkparu has given insight on why it has become very hard for operators in the Nollywood and entertainment industry to access the N7.2billion ($200 million) domiciled at Bank of Industry (BoI), earmarked by the government to grow the industry.

In an interview, he explained the reason for the poor access to the fund is not unconnected with inability of industry operators to write good business proposals, saying “I don’t believe that there is a lack of money for producers to make movies. I just think that if you can show from your business plan that you can make this money back, banks are willing to give you the money. So we were quite happy to take a loan to make movies,”

While revealing that movie makers are worst affected in the under utilizations of the money because most of them can’t write good business proposals, Mkparu further explained that there are huge markets available both in Nigeria and outside for Nigerian movies, especially in the areas of collaboration.

Mkparu consults for BOI on the management of the funds after he became a beneficiary of the loan facility with which he set up the outfit that produced ‘Wedding Party’, a signature movie that currently enjoys biggest box office hit and has been shown in more than 25 countries across the world. According to the movie producer, less than 10 percent of his colleagues in the Nigerian industry have accessed the money.

Business Hilights recalls that the fund was created under the previous administration ex-President Goodluck Jonathan to help grow the entertainment industry, particularly the Nollywood.

However, movie producers and other players in the industry also allege that the money has not been available to players/stakeholders in the movie industry.