How Far with Jonathan’s N3bn Nollywood fund?

Over six years after former President Goodluck Jonathan announced the N3bn grant called Project Nollywood at an event marking the 20th anniversary of Nollywood in Lagos, in March 2013, many actors, producers and directors expressed frustrations about accessing the fund.

They also lamented that many of them were not properly enlightened about the process of assessing it. The grant was announced about three years after Jonathan made available a $200m loan scheme for the industry in 2010.

The scheme was meant to address major issues in the industry such as distribution, capacity building and content production, but many think the funds weren’t properly handled.

Jonathan said at the event, “Encouraged by the feedback we have received from you on our administration’s support for Nollywood, we have further designed a programme known as Project Nollywood to support the key components of the industry’s value chain through a dedicated grant totalling N3bn. The former president also said he had directed the Bank of Industry and NEXIM Bank to support the industry through loans.”

– Punch