The Association of Movie Producers of Nigeria has called for improved access to finance for filmmakers, urging financial institutions to better understand the unique production cycles and gestation periods of the film industry.
The call was made when a delegation of the association paid a courtesy visit to the Managing Director and Chief Executive Officer of the Bank of Industry (BOI), Dr. Olasupo Olusi, at the bank’s Lagos office.
The delegation, led by AMP National President, Amb. Dr. Queen Blessing Ebigieson, included Shan Walker George, Mr. Anthony Chukumah and Miss Gloria Okafor.
Central to the meeting was the proposal for AMP members to access BOI loan facilities by using intellectual property (IP) as collateral. The filmmakers highlighted the difficulty of leveraging film rights, scripts and other creative assets to secure funding for film production and distribution.
According to the association, establishing an IP-backed financing framework would provide a major boost to Nollywood and Nigeria’s wider creative economy.
Responding to the proposal, Dr. Olusi described the initiative as timely and important to the development of the creative sector. He, however, explained that BOI would require policy guidance from the Central Bank of Nigeria (CBN) before accepting intellectual property as collateral for loans.
He therefore advised AMP to engage the CBN and initiate the necessary policy process, assuring the delegation that BOI would commence implementation once the appropriate directive is issued.
Speaking after the meeting, Ebigieson expressed appreciation to the BOI management for its openness and understanding of the needs of creatives.
“With CBN’s backing, this IP-collateral framework will unlock real financing for our members, strengthen Nollywood, and grow jobs in the sector,” she said.
The AMP said it remains committed to collaborating with government agencies and development finance institutions to establish a sustainable and bankable film industry capable of attracting greater investment and creating more employment opportunities.
