Jonathan’s N3bn To Nollywood Is For Investment, Not To Share-Okonjo Iweala

The Coordinating Minister for the Economy and Minister of Finance, Dr. Ngozi Okonjo-Iweala, in her latest series of consultations with stakeholders in the film industry, said that the N3 billion intervention fund which President Goodluck Jonathan promised the industry will lead to sustainable benefits for the industry.

Okonjo-Iweala stressed that the fund, contrary to the impression some stakeholders may be harbouring, is not planned to be shared out as grants or loans, rather, the objective is to leave behind something solid on which the industry can leverage on and grow to a new level. 

The minister made the statement during a lively town hall meeting over the weekend in Lagos with heads of guilds and associations in Nollywood as well a cross section of film makers and business people working in the sector. 

She said: “The N3 billion which the president promised is meant to be a catalyst which will help the industry leverage other sources of funding and expertise and grow to a new level. The money will not solve every problem but it’s a good beginning. We need to use it well for the benefit of this important industry and the benefit of the country.”

The Minister of Culture and Tourism, Chief Edem Duke, was also in attendance. He told the stakeholders that they need to reach a common position on key issues affecting them because the pervasive hostility and bickering among film practitioners in Nollywood is an obstacle to the continued growth of the industry.

Chief Duke said that Nollywood has become an important ambassador of Nigeria and that the presidential intervention fund underscore government’s appreciation of the platform and its great potential to contribute significantly not only to the economy but also to a better understanding of Nigeria by the world.

In their remarks, the stakeholders were very delighted and voiced out their appreciation on the initiative of the Federal Government. They strongly agreed to focus on professionalism so as to strengthen the industry and contribute a sustainable development to the country.