The Nigerian film industry (Nollywood) has received a major boost with the announcement of a new $3 million film fund to support and promote the industry’s growth.

The fund, launched by Nigerian film production company Labari Africa Productions Ltd., is expected to fund a slate of films in Nollywood and support filmmakers in developing and producing new films.

On Thursday, the company quoted Tunde Leye, the managing partner of Labari Africa Productions Ltd., saying that the fund would also provide mentorship and on-set training opportunities for practical filmmaking experience to emerging filmmakers.

“We are excited to launch this new film fund and support a new wave of Nollywood filmmakers who tell the important stories that help position Africa favourably,” Mr Leye explained. “This $3 million fund will help provide the resources and support filmmakers’ need to bring their stories to life and showcase the incredible talent and creativity of the Nigerian film industry to the world.”

He added, “The first investment of the film fund was heist-thriller which recently closed principal photography. The film ‘The Lagos Job’ is produced and directed by the award-winning filmmaker Femi D. Ogunsanwo, a general partner in Labari Africa Productions.”

Mr Leye also mentioned that the fund would fully bankroll first-time feature filmmakers with at least one short film completed and a feature-length film script.

Adedayo Amzat, Zedcrest Group CEO and one of the general partners at Labari Africa Productions, noted that Nollywood contributed 2.3 per cent (about $600 million) to Nigeria’s gross domestic product (GDP) in 2021.

“We believe the time is right to bring expertise from the world of finance to bear on how our films are funded and ensure Nollywood’s continued growth and success,” stated Mr Amzat. “The fund will be open to established and emerging filmmakers, focusing on supporting projects that showcase Nigeria’s diverse culture and talent.”

(NAN)