N700m Film Production Fund Inagurated-FG

The Federal Government on Wednesday said it had inaugurated a N700m Film Production Fund, which would help to provide grants to production companies and independent producers of commercially viable films.

A statement by the Ministry of Finance stated that the FPF would contribute to commercially viable film projects a grant of up to N10m.

It said a number of medium budget film projects would be considered for a higher grant contribution.

"Funds are used to subsidise pre-production, production or post-production costs of films, and in making these grants, the initiative supports the further development of the Nollywood film industry and film making talent," it said.

The statement also said about 40 practitioners in the film industry had been awarded various grants under the recently introduced Capacity Training Fund of the Presidential Intervention Scheme for the industry also known as Project ACT Nollywood.

It said, "The training part of the Capacity Building Fund is valued at N150m and is dedicated to training and skills acquisition for Nigerian movie practitioners in all competencies along the entire value chain of Nigeria's movie industry."

The training, it added, would cover scriptwriting, directing, production and production design, special effects, lighting, sound, techniques, acting, cinematography, make-up and editing.