Assisting Nollywood to fully develop into a world class movie industry that can compete effectively with Hollywood and Bollywood in due course.
President Buhari also pledged to help Nigeria’s movie industry, popularly known as Nollywood, to develop standards as high as Hollywood in the US and India’s Bollywood.
Some key developments so far include:
- In 2017, his administration provided a N1.8 billion grant to support the film industry through the Project Act Nollywood initiative. That year the government also gave N420.2 million to Nollywood to support aspiring practitioners.
- In December 2018, at the launch of his 2019 presidential campaign, Buhari directed the Bank of Industry and the Nigeria Export-Import Bank to work with the film industry to provide affordable working capital.
- In October 2019, the government pledged to help protect the proprietary rights of Nollywood actors.
However, it is difficult to ascertain the extent to which these promises have been fulfilled.
A factsheet of the Buhari government’s achievements as of May 2020 included the establishment of the Creative Industry Financing Initiative by the central bank. This was meant to finance young Nigerians in the fields of fashion, film, music and information technology.
The factsheet also listed the inclusion of the creative industries to the list of “qualifying sectors” for tax relief.
Lai Mohammed, the minister for information and culture, said in May 2022 that the Buhari administration had instructed international streaming companies to increase local investment. This would include opening offices in the country and increasing the number of Nigerian-produced movies on their platforms.
– Africa Check, updated May 2022.