In alignment with President Bola Ahmed Tinubu’s Renewed Hope Agenda, the Federal Government of Nigeria is pleased to announce the injection of N1.5 billion into the Nigerian movie industry. This funding is part of the broader N5 billion Creative Fund established in collaboration with Providus Bank in December 2023, aimed at fostering the growth and development of the creative sector.
Creative Fund Overview:
Initial Disbursement: Began in May 2024.
Amount Allocated: N1.5 billion to four actors and producers.
Administering Bank: Providus Bank.
Fegho Umunubo, the Special Assistant to the President on Digital and Creative Economy, encourages creatives seeking financial support to apply. This initiative is designed to bolster Nigeria’s rapidly expanding creative industry.
Application Details for Creative Fund
Eligibility Criteria:
Must be an actor, producer, or involved in the creative sector.
Demonstrate a clear plan for the use of funds to enhance creative projects.
Application Process:
Interested applicants should contact Providus Bank via email at [Providus Bank Email].
Submit a detailed proposal including project objectives, budget, and expected impact.
Important Dates:
Application Start Date: Immediately.
Review of Applications for Second Round: Ongoing.
Additional Funding Opportunities
IDICE Fund Collaboration with AfDB
The Federal Government, in collaboration with the African Development Bank (AfDB), is launching a $617 million IDICE Fund targeting the digital technology and creative sectors. This fund aims to drive socio-economic progress and position Nigeria as a leader in the global digital economy.
Support: The programme is supported by the Islamic Development Bank (IsDB), Bank of Industry (BOI), and AfDB.
Duration: Five years.
Application Information: Details to be announced soon.
Support for Fashion Startups
Financial assistance is available for fashion startups in Enugu and Jigawa states.
Funding Amount: N2-5 million per business.
Eligibility: Fashion trainees who have completed their programs.
Application Start Date: May 2024.
Application Process: Contact [Relevant Ministry/Department].
International Investment in Creative Training
A $3 million international investment has been secured for creative industry training in partnership with French companies.
Sectoral Impact and Projections
The National Bureau of Statistics (NBS) categorizes Nigeria’s creative sector into five sub-sectors: Media and Entertainment, Beauty and Lifestyle, Visual Arts, and Tourism and Hospitality.
Current Employment: Approximately 4.2 million people.
Job Creation Projection: An additional 2.7 million jobs within the next four to five years.
Economic Valuation:
Overall Creative Economy: Expected to reach $15 billion by 2025.
Movie Industry: Valued at $6.4 billion.
How to Apply
For more details and to apply for these funding opportunities, please visit [Official Website] or contact Providus Bank via email at [Providus Bank Email].
Take advantage of these initiatives to propel your creative projects and contribute to the growth of Nigeria’s vibrant creative economy.
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