By Tambay A. Obenson | Shadow and Act January 17, 2013 at 1:31PM
Nigerian filmmaker Tony Abulu's Doctor Bello, which stars Isaiah Washington, Vivica A. Fox, Jimmy Jean-Louis, Bern Cohen, Genevieve Nnaji, and Stephanie Okereke, is the first movie project financed in part by the recently established Nigerian Intervention Fund for the arts and entertainment industry, administered by NEXIM Bank. The money is part of the N200 billion (or about $1.2 billion) intervention fund set up by the Nigerian Federal Government to bail out the manufacturing sector from crisis.
Thus far, a reported 7 projects have received money from the fun, which some say is too low, given how much of a boost the Nigerian entertainment industry is said to need; and there's apparently some confusion about what exactly the fund is, how Nigerian artists can access the money, and frustration over how complicated the application process seems to be
To assist, Isaac Anyaogu, a Nigerian financial consultant, penned an editorial for AfricanScreens.com, addressing the confusion, and detailing, point-by-point, how best to think of, and approach applying for money from the fund.
Here are the first two points:
Change your orientation - It’s a loan not a grant.
Most applications still consider the fund a grant. While a grant is non-repayable fund disbursed by the government or its agencies, corporation or foundation often for a specific project, a loan requires repayment, the meeting of certain conditions and here’s the best part – a security or collateral. A loan is generally provided at an interest. So, change the mind-set because if you view it as a loan it becomes easier to consider the terms.
Apply as a corporation – Don’t own one, affiliate with one.
The fund is available to only incorporated companies so if you only registered a business name or enterprise you may not be eligible. You need a memorandum and article of association, article of association, forms CAC2 and CAC7). The company must operate in the entertainment and creative industry. So that registration certificate of Alawada and Sons Limited your father registered in the 60’s to carry out the business of importation of Tokunbo vehicles will not apply.
Funding under the NEXIM bank facility only covers segments of the entertainment industry in the following categories: Music, Film, Television, Radio (Production and distribution) and also fashion segments. So, if you are in the fashion industry and you have been searching for funds for that fashion show, well, you’re welcome.
You can read the rest of it HERE.