AMP Urges BOI, CBN to Open Up Financing Opportunities for Nollywood Film Producers
As Nigeria’s Nollywood film industry continues to expand, movie producers across the country are calling for greater access to financing, with a growing demand for banks and financial institutions to develop a better understanding of how the film industry operates.
The call was made during a visit by the Association of Movie Producers of Nigeria (AMP) to the Bank of Industry (BOI) at the bank’s office in Lagos.
The AMP delegation was led by the association’s National President, Amb. Dr. Queen Blessing Ebigieson, alongside Shan Walker George, Mr Anthony Chukumah and Miss Gloria Okafor.
The delegation was received by the Director-General and Chief Executive Officer of the Bank of Industry, Dr Olasupo Olusi.
AMP Seeks Financing Through Intellectual Property
Discussions during the meeting focused on how AMP members could gain access to financing by using Intellectual Property (IP) as collateral for loans.
The AMP representatives explained some of the challenges movie producers face when attempting to use their film rights, documentation and other creative assets to raise funds for film production and distribution.
According to the producers, creating a financing structure that recognises intellectual property as a valuable asset could provide a major boost to the Nigerian film industry.
They argued that such an arrangement would not only make it easier for producers to secure the capital needed to make and distribute films, but could also encourage greater investment in Nollywood and provide creators and producers with more opportunities to expand their businesses.
The AMP delegation stressed that many producers possess valuable creative works and intellectual property but often struggle to convert those assets into financing because traditional lending institutions generally require conventional forms of collateral.
They therefore called for a system that would allow properly documented film rights and other intellectual property assets to be assessed and recognised as security for financing.
BOI Says CBN Guidelines Are Needed
Speaking during the meeting, Dr Olasupo Olusi described the proposal as a positive step towards strengthening Nigeria’s creative economy.
Olusi explained that although the Bank of Industry was willing to support a financing structure of this nature, the use of intellectual property as collateral for loans would require appropriate regulatory guidelines and a framework from the Central Bank of Nigeria (CBN).
He therefore advised the AMP to work with the CBN to develop the necessary framework that would make the proposed financing model possible.
According to him, once the appropriate regulatory guidelines are established, the BOI would be in a position to take the necessary steps to support the initiative.
The development could potentially provide a new financing avenue for movie producers who have intellectual property and creative assets but lack the conventional collateral normally demanded by financial institutions.
It could also help address one of the longstanding challenges confronting Nigeria's film industry — access to affordable and sustainable funding for production, marketing and distribution.
AMP Hails BOI's Support
Speaking after the meeting, Amb. Dr. Queen Blessing Ebigieson expressed appreciation for the BOI's willingness to engage with the association and listen to the concerns of movie producers.
She said:
“We appreciate how the Director-General of BOI opened the door for us and his understanding of what creators need. With the support of CBN, this Intellectual Property as collateral financing framework will open real financing opportunities for our members, empower Nollywood and create many jobs.”
Ebigieson said the proposed financing framework could have a significant impact on the industry by allowing producers to make better use of the intellectual property they have created.
She also emphasised the potential employment opportunities that could emerge from increased investment in Nollywood, noting that stronger financing could enable producers to undertake more productions and expand activities throughout the film value chain.
AMP Plans Continued Engagement With Government
The Association of Movie Producers of Nigeria said it would continue to engage with government agencies and stakeholders in the financial sector as part of its efforts to improve the operating environment for movie producers.
The association said its broader objective is to contribute to the development of a stronger, more sustainable and resilient Nigerian film industry capable of creating opportunities for producers, actors, filmmakers and other professionals within the creative sector.
The proposed collaboration with the BOI and CBN is expected to form part of those efforts, particularly as the industry seeks alternative ways of financing film production and making intellectual property a more recognised economic asset.
AMP maintained that closer cooperation between movie producers, government institutions and financial-sector stakeholders would be important in building a film industry that can remain competitive, financially sustainable and capable of contributing significantly to Nigeria's economy for many years to come.