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Bank Of Industry Provides N1bn For Nollywood

Source: Titilope Adeuja/
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The Nigerian government has embarked on the plan to save Nollywood with a special funding provision says the Bank Of Industry (BOI).

The bank said it would be creating the product, NollyFund to assist the movie producers to create quality films of international standards and the screening of the films locally and internationally.

A NollyFund implementation advisory group made up of two cinema management experts, one national film distributor, two production and post-production experts, two film critics/reviewers, and two film producers to vet the sponsorship of all films submitted.

According to the bank's policy, an initial program limit of N1.0billion and a single obligor limit of N50million for individual loans will be made available after cross examinations have been undertaken by the advisory group.

Half of A Yellow Sun, Flower Girl, Digitization of Silverbird Cinemas, Ozone Cinemas are some of the works and organisations that have benefited from the past credit facilities of the BOI.