Minister explains Nigeria’s moves to restructure Nollywood
During the Nigerian film industry stakeholder’s workshop for restructuring Project ACT Nollywood in Abuja on July 1, the Minister of Finance, Kemi Adeosun said the indigenous film industry is a major contributor to Nigeria’s economy.
Project ACT Nollywood is a N3 billion grant programme set up by the Federal Government to address challenges impeding the growth of the Nigerian movie industry.
The workshop was to examine outstanding areas of the programme that was yet to be implemented; and review them to ensure that they were still appropriate for the industry.
Mrs. Adeosun gave two important summations about Nollywood.
1. The problem of the industry was not in the quality of movies produced but in the structure of the industry because most of those who create the value do not actually get the value in terms of returns due to piracy.
2. To improve distribution to ensure that the investments actually got the expected return, there was need to evaluate the entire value chain from the tax system to the enforcement system to ensure sustainability.
“Today, we will inaugurate a committee to review the programme, restructure if necessary and come up with implementation plan,” she said.
According to her, the plan would establish measurable and demonstrable deliverables that would ensure maximum value for the industry’s stakeholders and Nigerians generally.
