Stakeholders Rally Support for Africa Film Industry, Urge FG to Invest in Youths to Boost Economy

Emma Okonji

Worried about the dwindling fortune of Nigeria’s entertainment and film industry, which is projected to generate between N25 billion and N30 billion yearly, industry stakeholders have called on the federal government, to urgently reconsider its position about the industry and invest heavily in order to revive it for job creation and economic growth.

The stakeholders said this in Lagos during the Africa Film Finance Forum (AFFF), organised to discuss the challenges and prospects of the African film industry, with focus on the Nigerian film industry.

Speaking, the Group CEO of Nile Group/National Secretary, Cinema Exhibitors Association of Nigeria (CEAN), Mr. Moses Babatope, said the industry had for some reasons in the past, always focused on content financing, without enough attention on investment in infrastructure that monetises content.

According to him, all the long-lasting film industries in the world, including China, India, Turkey and the United States, have put up strong resilience in the area of infrastructure despite the kind of challenge they faced.

He challenged all filmmakers, financiers, actors, actresses, and those behind the cameras, to remain creative, and come up with compelling stories and content.

“For the first time in the last four years, we’ve seen strong resilience this year. This is going to be the first year in the cinema industry that we will be seeing attendant growth by about 10 per cent to 15 per cent by December, God willing. I think cinema is more than just another business. I think for us, there’s something cultural about it,” Babatope said, while urging industry stakeholders to make better use of the opportunity currently available in the film industry that is projected to generate between N12 billion and N13 billion from sales of tickets alone from box office by December this year.   

“In cinema business, you have revenues from box office, you have retail revenues, and you have advertising revenues. If you put all these together, the projected revenue is between N25 billion and N30 billion in a year from the entertainment industry, and I’m yet to see any business that has that kind of numbers,” Babatope further said, adding that the entertainment industry is the only industry in Africa where the local content is the mainstay. The local content is therefore the very reason why the cinema industry exists and is working,” Babatope added.

In his keynote address, Co-Chair of the Creative Africa Advisory Group (CAAG) at Afreximbank and Founder, Silverbird Group, Senator Ben Murray-Bruce, challenged the federal government to invest in the film and entertainment industry, in order to revive it and position it for job creation and economic growth.

According to him, “The industry has great value to the economy. The transformation in the industry and the things that need to be done, are changing so rapidly, which underscores the need for huge investment from the federal government.”

He added: “The motion picture industry is not different from the manufacturing sector. You produce. You distribute. You have wholesalers and retailers. And that is the value chain. The government needs to take a position and make funds available at rates that are affordable and accessible to the people who have basic intelligence and who can turn the economy around. Nigeria has over 200 million people, with large population of youths between 25 and 35 years of age, and the government has a moral, legal, and ethical obligation to make funds available for the industry to cater for the youth population. If government can build refineries that do not work, construct roads without maintenance, there is therefore a great need for government to release funds for the entertainment industry. It’s all about common sense, since Nigeria and America are the only countries that can conquer the world of entertainment.”

He challenged the Bank of Industry (BoI) to do more in funding the entertainment industry by approaching the Central Bank of Nigeria (CBN) for more funds to support the industry.

Project Manager, Creative and Digital Industry, Bank of Industry (BoI), Mr. Erezi Okpakpa, said BoI has funded over 50 per cent of film production in Nigeria, with plans to expand the financial support.

CEO of 9mobile, Mr. Obafemi Banigbe, called on industry stakeholders to leverage on digital infrastructure provided by telecoms operators to drive Nigerian film industry, using the hybrid approach.

In another keynote address, the Special Adviser to the President on Industry, Trade and Investment, John Ugochukwu Uwajumogu, pledged federal government’s support for the Nigerian film industry. He said government has reformed some of its policies to support the growth of film industry in Nigeria.

In his keynote address, the Special Adviser to the President on Creativity, Baba Egba, challenged industry players to rise to the global stage and take advantage of the development funds approved by President Bola Ahmed Tinubu, to further grow the industry.

In her welcome address, the convener of AFFF, Mary Ephraim-Egbas, called on the financial industry in Nigeria, to leverage on the $20 billion global entertainment industry, and intensify efforts in financing the Nigerian entertainment and film industry.

Ephraim-Egbas, who also presented a paper titled: ‘Innovative Strategies for Enhancing Distribution and Reach in the African Film Sector’, stressed the need for collaboration with telecoms operators, to expand the distribution network and boost opportunities in the African film industry.