Investments in Nollywood Will Help The Film Industry Thrive’, Says Femi Ogunsanwo
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Mary Nnah
Award-winning filmmaker Femi D. Ogunsanwo has said that investments in Nollywood will ensure the Nigerian film industry thrives. He said this recently during the announcement of a $3 million fund set up by Labari Africa Productions to finance Nollywood films.
According to him, these investments will help the Nollywood industry reach a wider audience. “With more resources at our disposal, we will be able to market and distribute our films and shows more effectively. This will help us reach more people both within Nigeria and worldwide,” Ogunsanwo said.
Ogunsanwo, a Partner at Labari Africa Productions, said investments in the Nollywood industry would also allow the industry to produce higher-quality films and shows, create job opportunities, and reach a wider audience. “I am confident this investment will pay off in the long run and help the Nollywood industry grow and thrive. Ultimately we will be able to increase the economic output of our film industry while creating jobs and opportunities,” He added.
On his part, the Managing Partner of Labari Africa Foundations, Tunde Leye, said the $3 million Nollywood fund would finance a slate of films in Nollywood and support filmmakers in developing and producing new films. It will also provide mentorship and on-set training opportunities for practical filmmaking experience to emerging filmmakers and support for distribution and marketing efforts.
“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 is a heist-thriller which recently closed principal photography. The film “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.
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.”
