Nigeria film industry popularly better known as Nollywood has received a grant of N420.2 million from the Federal Government.
The donation was contained in a statement issued by the Deputy Director of Information, Federal Ministry of Finance, Mrs. Patricia Deworitshe, on Friday in Abuja.
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Deworiyshe said the money is the second tranche payment, and it will benefit 105 film distributors.
NAN reports that the FG had earlier introduced the “Project Act Nollywood” with three primary components aimed at developing the movie making value chain.
It said the components are the Film Production Fund (FPF), Capacity Building Fund (CBF) and Innovative Distribution Fund (IDF).
The report said FPF and CBF have been fully implemented, while the IDF, which is the third component of the project, is ongoing.
The IDF covers online, national, regional and community categories of Nollywood film distribution and exhibition.
The objectives of IDF are to improve the distribution network of Nigerian Audio-Visual contents, cut down on piracy, create jobs, and protect Intellectual Property Rights (IPR) within the Nigerian entertainment industry.
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