NEXIM bank announces co-production funding at Cannes Film Festival

The NEXIM team is at the festival to seek co-financing/co-production opportunities in support of the Nigerian motion picture industry, NEXIM bank said in a statement. It was also an avenue to showcase the abundant opportunities in the Nigerian movie industry. The statement also said at a special session held on Wednesday May 23rd 2012, in […]

The NEXIM team is at the festival to seek co-financing/co-production opportunities in support of the Nigerian motion picture industry, NEXIM bank said in a statement.

It was also an avenue to showcase the abundant opportunities in the Nigerian movie industry.

The statement also said at a special session held on Wednesday May 23rd 2012, in conjunction with the Federal Inland Revenue Service (FIRS) and the NFC, the  bank enjoined exhibitors to explore areas of synergies between producers and film makers.

Highlights of the Bank’s participation include a paper presentation led by Mr. Awami Mohammed, the Bank’s Assistant Manager, Credit Insurance and Guarantee Department, issues on Co-financing/Co-production opportunities for the Nigerian Motion Picture Industry was exhaustively discussed.

The festival provides a platform for the Bank to interact with International Financial Institutions and fund arrangers as regards Film Finance.

The Nigerian Film Corporation, has since 2007, secured a pavilion at the Marche du film (Film Market) of the festival to provide a home for Nigerian Industry practitioners and stakeholders to showcase their works.

NEXIM’s bank and the Federal Inland Revenue Service (FIRS) on Co-financing, Co-production opportunities is to also seek appropriate tax regime/incentives for the Nigerian filmmakers.

Mohammed, who represented the Managing Director of the Bank, Mr. Roberts Orya explained that NEXIM’s activities in support of the movie industry is such that the bank considers the creative arts and entertainment industry as a very important sector with sustainable growth and foreign exchange potentials that would generate, sustain employment as well as create wealth and continuous pool of talents.

“The Bank had in the past year provided funding in support of movie production for theatrical releases, establishment of distribution platforms and the establishment of digital production studios,” he said.

He noted that the Co- Financing/ Co- Production opportunities are part of the Bank’s strategic policy of attracting investment capital and enhancing the adoption of new technology.

Mohammed added that some of the reasons why the Bank encourages and supports Co- Financing / Co- Production arrangements include; exposing Nigerian practitioners to the benefits of the global film entertainment market revenues valued at over US$90 billion in 2010; facilitating the up-scaling of Nigeria’s film production quality; facilitating the establishment of adequate digital production and distribution infrastructures / platforms, and encouraging the adoption / transfer of modern production skills / techniques.

NEXIM is a wholly government-owned financial institution with the broad mandate that include the provision of Credit Facilities in both local and foreign currencies; Export Credit Guarantee & Export Credit Insurance; Business Development and Financial Advisory Services; as well as Trade and Market Information.

The session which was attended by other officials of NEXIM, FIRS, NFC (led by Mr. Afolabi Adesanya, MD NFC), and filmmakers from France, Germany, Kenya, South Africa and other countries also had in attendance, Nigerian filmmakers like Mahmood Ali-Balogun (Tango with Me) and Kunle Afolayan (Figurine) availing themselves with opportunity of the USD 200 million Intervention Fund for the Entertainment Industry that is being co-managed by NEXIM Bank.