Babajide Sanwo-Olu, the Governor of Lagos State, has given cheques to 39 filmmakers who have received special interest-free loans from the Lagos State Creative Initiative (LACI), which is part of the Ministry of Tourism, Arts and Culture.
The program is part of the state government’s aim to encourage the innovative ideas of film and entertainment producers who are unable to realize their visions due to a lack of funding.
At a ceremony held at Glover Memorial Hall, Lagos Island, Governor Sanwo-Olu, who was represented by Mrs Uzamat Akinbile-Yussuf, Lagos State Commissioner for Tourism, Arts and Culture, revealed that a 9-man committee comprised of Veteran Film Makers and some senior Government officials, led by the Commissioner for Tourism, Arts and Culture, was established last year with the mandate to identify struggling filmmakers who could be empowered with grants and seed fund f
The initiative’s goal, according to Sanwo-Olu, is to overcome financial barriers to high-quality film production in Lagos and Nigeria.
“Today’s initiative and check presentation is a testament to our resolve to guarantee the entertainment industry’s potentials are realized,” he said.
“I extend my congratulations to the recipients of today’s checks. I am confident that your proposals and intentions had to be extremely appealing and convincing in order for the Committee to approve them.”
The governor urged the recipients to use the loans wisely and repay them on time so that others may benefit from the fund.
During her opening remarks, Akinbile-Yussuf revealed that the Governor had made a number of interventions prior to the establishment of the revolving loan for filmmakers to mitigate the devastating effect of the Covid-19 pandemic on business owners in the hospitality, entertainment, and tourism sectors.
“Mr. Governor appointed a Palliative Review Committee, led by Nollywood veteran actress Joke Silva, to suggest a one billion Naira prompt intervention for the various stakeholders,” she said. Following Mr. Governor’s approval, the Ministry presented cheques to some of the recipients at last year’s inaugural Lagos Tourism, Hospitality, Arts and Culture Economic Summit, LATHACE.
“As a complement to this generosity, the Ministry requested and received Mr. Governor’s consent for a 50% refund on Operating Licence Fees due by all practitioners in the entertainment and hospitality sectors for the year 2020.”
She noted that N200 million in checks would be delivered to the 39 successful revolving loan recipients in the first batch, with additional recipients expected to emerge once the second batch of applicants is processed.
“The State Government is interested in leveraging revolving money to get kids out of unemployment while also developing entrepreneurs who would use their talents to boost the film industry’s market shares,” she added.
Remember that in September 2021, the Lagos State Government created a specific fund for filmmakers in the state in order to improve funding for the entertainment and movie industry.
According to the state government, the approval of the special funds for filmmakers coincided with the establishment of a committee to monitor the allocation of the monies to qualifying individuals, with each beneficiary having access to up to N40 million in film production loans.
