The Nigerian movie industry is set to recieve a boost as Bank of Industry has set up a "BOI Nollyfund". Already N2 billion is said to have been accessed by industry payer with movie producer Kunle Afolayan being the first recipient. The fund is said to have an obligor limit of N50 million and the due diligence to be undertaken by the Nolly Fund Advisory Group before approval and disbursement.
Speaking during a visit to the set of a film by Kunle Afolayan at the weekend, Managing Director, BoI, Rasheed Olaoluwa, said seven projects are presently accessing the bank’s facilities and another ten are at different stages of loan approval. He explained that the bank has restructured its operations to improve access to its services, adding that the peculiarity of each sector is being considered for loan disbursements.According to him, the bank has relaxed its criteria to aid access to the facilities adding that viable distribution channels are equally being financed to aid loan repayment as well as mitigate default by stakeholders. He added that the bank, in line with its mandate had developed a special product tagged, “BoI NollyFund”, under which Nigeria’s leading movie producers will receive financial support to produce international quality films and screen them through various platforms of movie distribution available both in Nigeria and internationally.
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