Nigeria: Why Entertainment Industry Can't Access U.S.$200 Million AfDB Fund

The president of Gabosky Films Inc, Gab Okoye, has
given insight into why stakeholders in the
entertainment industry are finding it difficult to
access the $200 million African Development Bank
(AfDB) facility.
The fund is being disbursed through the Bank of
Industry to revamp and enhance the nation's
industrial and entertainment sectors.
However, Ibrahim Ahmed, Senior manager BoI,
disclosed that over N2.5 billion has been approved
and set aside for the entertainment sector and only
N1 billion has been disbursed so far.
Speaking during the pre-launch press briefing of G-
media, Okoye stated that BoI has shown it readiness
to help stakeholders tackle the challenges of the
entertainment sector by funding any innovative
projects such as the G-media idea which is backed by
N1.8 billion from the bank.
According to him, stakeholders in the sector are not
producing bankable projects to encourage the
development bank release funds to them.
He observed that most of the ideas being presented
to the bank lacked in-depth research and the
requisite structure to be profitably sustained.
"The issue of distribution has often been identified as
the major problem of Nollywood, as enthusiastic
audiences across the world are unable to get their
hands on the movies they love to watch due to
inadequate channels which allowed piracy to thrive
at a globally unprecedented 82 per cent.
"One of the results of the distribution problems of
Nollywood has been the withdrawal of some of the
best hands that gave the industry its early success
from movie productions. When sales dropped
drastically and less capable hands became the
leaders of the industry, the major producers and
directors thought it best to stay away from the rot,"
he said.
He appealed to the professionals to come back to the
sector and join hands together in order to rebuild
Nollywood into a dynamic industry once again with
the promise that G-Media will get their films to
buyers on its new real-time auditable and sales
verifiable platform.
"The first phase of the G-Media distribution project is
set to commence in January 2014 with 25 ultra-
modern stores spread across the country, 30 regional
distributors as well as 4000 community distribution
stores," Okoye disclosed.
Continuing, Ahmed said the sector enjoys the full
support of the bank's managing director, Evelyn
Oputu, who has set up a specialized division manned
by dedicated professionals to attend to the needs of
stakeholders.
"The bank decided to partner with Gabosky because
we see the entertainment industry as a business and
we are ready to deal with all that are ready to
approach us in that light. Our mission is to transform
Nigerian industrial sector and integrate it into the
global economy by providing financial and business
support services to existing and new industries to
attain modern capabilities," he said.

Sent From David Aniemeka