In Nigeria, the federal government, in a significant move, has disbursed the second batch of the US$ 3.2 million Creative Fund it established in collaboration with Providus Bank in December 2023. This substantial investment is a beacon of hope for Nigeria’s creative sector, promising a brighter future.
Fegho-x Umunubo, the special assistant to the president (Office of the Vice President) on Digital and Creative Economy, announced the news in an Instagram post this week.
“Update: US$3,2 million Creative Fund Second Batch Launch. Under the renewed Hope Agenda of Mr President Bola Ahmed Tinubu (GCFR), we successfully launched the second batch of the US$3,2 million Creative Fund in partnership with Providus Bank at Eko Hotels and Suites last week Friday,” he said.
“Following the successful disbursement of US$973,728.80 to four actors/producers for their movie projects, we are excited to support even more creative projects. If you know someone seeking funding for their creative project, share this email address: creatives@providusbank.com,” he added.
The industry, long ignored by traditional financiers, has received renewed focus as Afrobeats began to dominate the global music industry and streaming giants Netflix and Prime Video established themselves as wealthy investors in a new era of the Nigerian creative space.
However, the downside of these investors’ arrival in the industry is that some filmmakers have had to create and market their content with a global audience in mind.
This funding presents a golden opportunity for Nigerian creatives, especially Nollywood filmmakers, to create movies with Nigerians in mind as the primary audience. The Creative Fund could catalyse a revolution in the sector, empowering filmmakers and actors to elevate their work to new heights.
