‘How single-digit interest loan will help creative industry’

The Minister of Information and Culture, Alhaji Lai Muhammed has explained that the need to develop infrastructures within the creative sector is what has necessitated the Federal government to start pushing for a single-digit interest loan for the industry.

Muhammed made the revelation at the opening of the 7th African International Film Festival (AFRIFF) held in Lagos.

According to the Minister, the idea behind introduction of a single-digit loan is actually one out of the other initiatives the Federal Government is considering to help develop the creative industry.

“The Federal Government of Nigeria is very proud of Nollywood and is constantly engaging the stakeholders towards growing the industry. I will re-iterate a few of the initiatives we are pursuing: we are pushing for a singledigit interest on loans for infrastructural developments for the Industry,” he said.

Muhammed added that the current administration is also supporting the building of 100 community cinemas to be evenly spread across the country, close to having worldclass pre-and post-production facility using the current NTA infrastructure with a few additions and ensure that in the focus on studio facilities, one is located in every geopolitical zone of the country.

“And on the back of the digital switch-over of our television, we are ensuring that the set top boxes are enabled to allow our 24 million TV households to buy our movies with and without the need of data. The object of our gathering tonight, the platform on which we celebrate African and International film-makers, is one of the great stories of Nollywood, for AFRIFF - the festival with a vision to inspire and indeed create an ecosystem for the global movie community - was birthed because there is Nollywood.

“As AFRIFF celebrates and helps to develop the creativity and professionalism of the sector, we will ensure that we have an industry that can deliver a profitable return on investment for all the players. I am told that training aspiring African filmmakers is an integral part of AFRIFF. Having trained over 1,500 industry practitioners at home and abroad, as part of efforts to take the industry to the next level and promote the Nigerian film industry internationally, I cannot but want to identify with this great initiative, both in my personal capacity and in my position as the Minister of Information and Culture,” Muhammed said.