First beneficiary of $200m entertainment intervention emerges
This development has put paid to speculations that the fund was a hoax. President Jonathan had pledged $200 million to the Nigerian entertainment industry last year at the 30th anniversary of the Silverbird group in Lagos on 6th November, 2010. The fund was to help deepen capacity in the industry and create jobs because the […]
This development has put paid to speculations that the fund was a hoax. President Jonathan had pledged $200 million to the Nigerian entertainment industry last year at the 30th anniversary of the Silverbird group in Lagos on 6th November, 2010.
The fund was to help deepen capacity in the industry and create jobs because the industry was fast becoming a huge employer of young people and helping them discover their hidden talents and creativity.
The first beneficiary is Black Ivory Limited owned by Tony Abulu, a Nigerian-American with some 30 years experience in movie productions.
Black Ivory Limited would be using the funds to produce the movie “DR. BELLO”, a compelling story about the struggle to cure cancer and how Africa probably has found the cure to the dreaded disease.
Announcing the first beneficiary in Lagos at a world press conference, the managing director of NEXIM Bank, Mr. Roberts Orya said the fund has been opened to anyone interested in investing in the Nigerian entertainment industry.
The fund is tagged NEXIM Creative Arts and Entertainment Facility. He explained that the release was a little delayed because structures needed to be put in place so the funds can be protected because the fund is accessed as a loan and the bank expects to recover the loan and make profits on its investments as well.
He said DOCTOR BELLO qualified for the loan because the storyline tells a compelling story that can sell the movie globally and guarantees significant profit.
Though the amount NEXIM is advancing to Black Ivory is kept under wraps until the movie is shot and ready for sale, Black Ivory announced it is investing about $1.5 million besides what NEXIM is bringing to the table. Dr. BELLO, will perhaps go down in Nigeria’s Nollywood history as the most expensive movie and will be parading both Hollywood and Nollywood super stars.
Why all the money on entertainment
“The Nigerian creative arts and entertainment industry has done creditably well in the socio-economic development of the nation. The industry has, by recent estimates, created over one million jobs directly and indirectly and generated a minimum of $500 million in revenue annually. The industry is also widely adjudged as the most prolific in the world producing over 2500 films yearly in the past three years,” Orya explained.
“With the global film entertainment market generating over $86 billion in revenues in 2010 and with revenue streams largely from box office collections, it is pertinent that Nollywood begins to adopt strategies to participate in the global market space. Even though Nigeria is prolific in film production and with high expertise in low-budget film production, there is also need to locally enhance theatrical receipts and collections,” he explained.
He drew example from the Indian Film industry – Bollywood. He said “generated over US$1.9 billion revenues in 2011 with box office contributing about 79% of the share of revenue streams from over Indian 13,000 screens (Multiplexes / single screens). 70% of the revenues were generated locally with 9% from foreign markets. Unlike the Nigerian market, Home video (VCDs, DVDs and Blu-ray Discs (BD) contribute only about 6% of these revenues” adding that this model is what NEXIM Bank wants to develop for the Nigeria movie industry.
The beneficiary Tony Abulu, the President and CEO of Black Ivory Ltd, said Dr. BELLO is set to take the movie industry to the next level. “With what we are witnessing today, I can assure you that Nollywood is about to fly. We cannot continue to depend on our oil revenue. We have to begin to make products ourselves and we have to begin to package them for the international market, and those stories must be of international standard,” Abulu said.
Isaiah Washington of the Grey’s Anatomy fame says that he is happy to be a part of the project. “I don’t know what else to say today other than to say that I am happy to be a part of this project. I am very excited to be a part of this.”
Jean-Louis another actor in the movie says that he never gets tired of featuring in noble roles. “Here I am again in Nigeria. This is the third movie I will be doing as a Nigerian and it is the second time I will be playing a medical doctor. I think I have been adapted somehow to my new country. I am very happy to be playing the role of Dr Bello. I am looking forward to mixing with Nollywood. People in America don’t understand how such a feat as the second largest movie producers in the world is achieved in Nigeria but it tells them things are changing. I think it is up to us now to take it to the next level and I am happy to be a part of that project,” he said.
Some of the actors from Hollywood who will feature in the film include Isaiah Washington (in the lead role), Jimmy Jean-Louis, Vivica A. Fox, Christina Starbuck, Linda Perhach, Andrea Leigh, Ebbe Bassey, Bern Cohen and Victor Browne. While Nollywood will contribute stars like Genevieve Nnaji, Stephanie Okereke, Desmond Elliot and Zack Orji.
Other opportunities to be keyed in by Nigerian entertainment industry from the USA
At the briefing, Isaiah Washington urged NEXIM bank to take advantage of a new bill before the US Congress to draw investment to Africa.
“Design and build your own studios. You have the money. It would create jobs and build capacity. I’m saying to NEXIM Bank, build your own studio and hire experts to maintain it. If you don’t build the studios and create opportunities for new jobs, I am afraid my meeting with you now is a waste of time. Like I said, there is already a Bill in Congress. As a bank, if you sound the horn that you are building a studio, it would create an atmosphere for the Bill to be passed in Congress for the benefits of Nigeria and America,” he said.
Responding, Roberts Orya said NEXIM is coming in forcefully and would key into the opportunity to create exports for Nigeria.
“We would also finance exhibition platforms so that by the time the movies are done, it could be shown in the cinemas for months before they are made into DVDs for mass consumption,” he said.
Tony Abulu also commented: “The brand Nollywood is huge globally but the quality of the movies is not good enough, we need to improve them. It is not for fun that we have Isaiah Washington playing the lead role in DR. BELLO. Dr. BELLO is a significant movie that will change the minds of people around the world about Africa. That is why I wrote the script. It is not just any script. I looked at who in America had the personality, experience, had the brand and understands what it is to be African. Isaiah Washington has got all and more.”