Fegho-x Umunubo, the president’s special assistant (Office of the Vice President) on the digital and creative economy, announced the news this week on Instagram.
“Update: Second Batch of the $5 billion Creative Fund Launched. We successfully launched the second batch of the N5 billion Creative Fund in cooperation with Providus Bank at the Eko Hotels and Suites last Friday under the reinvigorated Hope Agenda of Mr. President Bola Ahmed Tinubu (GCFR),” he added.
“We are thrilled to promote even more innovative initiatives after successfully awarding ₦1.5 billion to four actors/producers for their film projects. Share this email address with someone you know who is trying to raise money for a creative project: creatives@providusbank.com, the speaker said.
Long disregarded by traditional financiers, the industry has gained attention again as Afrobeats took center stage in the global music scene and streaming behemoths Netflix and Prime Video established themselves as affluent backers of a new chapter in Nigerian creative history.
The drawback of these financiers’ entry into the market is that some filmmakers now have to produce and promote their work with a worldwide audience in mind.
With this support, Nigerian creatives—particularly Nollywood filmmakers—have a fantastic local opportunity to produce films primarily aimed at the Nigerian market. With its potential to elevate actors’ and directors’ work to new heights, the Creative Fund has the potential to completely transform the industry if it is handled properly.
