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FG EXPECTS $250 FROM MOVIE INDUSTRY BY 2007

Source: nigeriafilms.com

The federal government of Nigeria expects the Nigerian movie industry to generate about $250 million in foreign exchange by the year 2007.

To this end, the government has promised to assist in the growth and development of the Nigerian home video through the creation of better export channel for films produced in the country. Speaking during a seminar on the Global Imperatives for the Nigerian Movie Industry, the minister of finance Dr. Ngozi Okonjo-Iweala said the government would be focusing on the development of standards and the provision of incentives for private sector investment in the industry. The finance minister said the FG now considers the industry as a major foreign exchange earner, hence the mention of the home video industry in the document of the national economic empowerment development strategy (Needs).