By Marvelous Ayebo
Experts from the financial and creative sectors have called for substantial investments in Nigeria’s film industry to unlock its potential for economic growth and job creation. The appeal was made during the inaugural Africa Film Finance Forum (AFFF) held in Lagos, where discussions centered on addressing challenges such as distribution, piracy, and monetization.
Calls for Government-Backed Financing
Founder of Silverbird Group, Ben Murray-Bruce, emphasized the need for government-backed financial instruments to bolster the industry. He stated:
“The government must make bonds available to develop the industry and save lives. Affordable funding will enable young Nigerians to channel their talents into film, music, and sports instead of crime.”
Highlighting Nigeria’s youth demographic, he added, “With over 200 million people, many under 35, the government has a moral and ethical obligation to provide funds to help them succeed.”
Addressing Infrastructure Gaps
Moses Babatope, CEO of Nile Media Entertainment Group, pointed out the disparity between Nigeria’s large population and the revenues generated by the film industry. He remarked:
“We’ve focused on content investment without matching it with critical infrastructure investment.”
Babatope emphasized that proper infrastructure could significantly boost cinema attendance and revenues, projecting that with the right financial support, the industry could grow to $50 billion within a few years.
High ROI Potential
Mary Ephraim-Egbas, convener of the AFFF, described Africa’s film industry as a $20 billion sector capable of delivering up to 200% returns on investment. She called for stronger collaboration between financial institutions and filmmakers, stating:
“This is the right time for the finance industry to take action. Discussions must lead to actual funding and refined opportunities.”
Ephraim-Egbas revealed that the AFFF aims to connect 3,000 participants from both sectors to catalyze investments and drive growth.
Government Commitment to Creative Industry
The Federal Government, through its representatives, pledged support for the industry. Special Adviser to the President on Industry, Trade, and Investment, John Uwajumogu, assured stakeholders of government backing. Additionally, Baba Egba, Special Adviser on Creativity, urged filmmakers to leverage development funds approved by President Bola Tinubu to expand globally.
The forum highlighted the untapped potential of Nigeria’s film industry and the urgent need for strategic investments to position it as a global economic powerhouse.