The Nigerian Export Import Bank(NEXIM) has explained why it is difficult for filmmakers in Nigeria to access loans from the bank to make their films.
Technical Adviser to the MD of the bank, Mr. Hope Yango who made the explanation said factors working against access to funds include the menace of piracy, imperfect empirical data and statistics, poor business plans and faulty distribution chain.
He identified the law on intellectual property right as another factor that is holding financial institutions from investing in the sector. He said that changes are however imminent and called on filmmakers to key into opportunities which the change will enthrone in the sector.
In his contribution at the workshop put together by the Nigerian Film Corporation(NFC), Mr. Ahmed I.K. from the Bank of Industry (BoI) said the Bank is entertainment friendly and that it has entered some partnerships that will help in the distribution and exhibition downstream of film production. He also called for attitudinal change among filmmakers whom he said must begin to consider filmmaking as not only a hobby but business venture.
Mr. Dayo Ogunyemi from New York, United States, in his interventions said Nollywood must begin to look at other distribution options outside the traditional outlets that have been bedevilled by piracy. He shocked everyone when he mentioned that pirates make millions of dollars pirating Nollywood films in the States.
He called for inclusiveness to address the menace by asking all involved to embrace financially rewarding alternative outlets of distributing Nollywood films.