The Nigerian film industry, popularly known as Nollywood, has received a major boost with the announcement of a new $3 million film fund to support and promote the industry’s growth.
The fund, launched by Nigerian film production company, Labari Africa Productions Limited, will fund a slate of films in Nollywood and support filmmakers in developing and producing new films.
The fund will also provide mentorship and on-set training opportunities for practical filmmaking experience to emerging filmmakers and support for distribution and marketing efforts.
It is the first in a series of funds to be raised over the coming years, according to Labari Africa, who say details on accessing funding will be revealed in due course.
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“We are excited to launch this new film fund and support a new wave of Nollywood filmmakers who tell the important stories that help position Africa favourably. This $3 million fund will help provide the resources and support filmmakers need to bring their stories to life and showcase the incredible talent and creativity of the Nigerian film industry to the world.” Says Tunde Leye, Labari Africa Productions Limited Managing Partner.
“The first investment of the Film Fund, a heist-thriller which recently closed principal photography, “The Lagos Job” is produced and directed by the award-winning filmmaker Femi D. Ogunsanwo, a General Partner in Labari Africa Productions. It features some of the biggest names in Nollywood, such as Joselyn Dumas, Baaj Adebule, Antar Laniyan, Omowunmi Dada, Ade Laoye, Bimbo Manuel, Frank Donga, Teni Aladese and Daniel K Daniel. UK-based Charles Oleghe is the cinematographer.”
Leye adds that the fund would fully bankroll first-time feature filmmakers with at least one short film completed and a feature-length film 9script.
Adedayo Amzat, CEO of the Zedcrest Group and one of the General Partners in Labari Africa Productions, says, “From its humble beginnings, Nollywood has become a major contributor to the Nigerian economy, contributing 2.3% (about $600 million) to Nigeria’s GDP in 2021. We believe the time is right to bring expertise from the world of finance to bear on how our films are funded and ensure Nollywood’s continued growth and success. The fund will be open to established and emerging filmmakers, focusing on supporting projects that showcase Nigeria’s diverse culture and talent.”
In recent years, Nollywood films have gained recognition and acclaim at international film festivals, and the industry has seen significant growth in both domestic and international markets. With an estimated output of over 2,500 films per year, the industry is known for its unique storytelling and has gained a global following, with films being distributed in over 150 countries.
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