FG Disburses ₦5bn Creative Fund to Nollywood

The federal government has disbursed the second batch of the ₦5 billion Creative Fund, which was formed in December 2023 for Nigeria's creative sector in partnership with Providus Bank.

Fegho-x Umunubo, the president's special assistant (Office of the Vice President) on the digital and creative economy, announced the news on Instagram.

He said: “Update: ₦5 Billion Creative Fund Second Batch Launch. Under the renewed Hope Agenda of Mr. President, Bola Ahmed Tinubu (GCFR), we successfully launched the second batch of the N5Billion Creative Fund in partnership with Providus Bank at Eko Hotels and Suites last week Friday,” 

“Following the successful disbursement of ₦1.5 billion to four actors/producers for their movie projects, we are excited to support even more creative projects.

The industry, which was previously overlooked by traditional financiers, has gotten increased attention as Afrobeats came to dominate the global music market and streaming giants Netflix and Prime Video established themselves as affluent investors in a new era of Nigerian creative space.

This grant provides an excellent local chance for Nigerian creatives, particularly Nollywood filmmakers, to create films aimed primarily at Nigerians. The Creative Fund, if correctly administered, has the potential to transform the industry by assisting filmmakers and actors in taking their work to new heights.