Lagos presents checks for interest-free loans to filmmakers

Lagos State Governor Babajide Sanwo-Olu presented checks to 39 filmmakers, recipients of special interest-free loans managed by the Lagos State Creative Initiative (LACI), which falls under the Ministry of Tourism, Arts and Culture.

The program is part of the state government’s initiative to support the creative ideas of film and entertainment producers, who are limited by funds to bring their concepts to fruition.

Governor Sanwo-Olu, who was represented by Lagos State Commissioner for Tourism, Arts and Culture, Mrs. Uzamat Akinbile-Yussuf, said during a ceremony held at Glover Memorial Hall, on the Lagos Island, that a 9-man committee comprising veteran filmmakers and some senior government officials headed by the Commissioner for Tourism, Arts and Culture, was set up last year with a mandate to identify struggling filmmakers who could benefit from subsidies and a seed fund for film production purposes.

What the Governor of Lagos State Says

Sanwo-Olu said the purpose of the initiative is to address the financial challenges that hamper the production of quality films in Lagos and Nigeria.

  • He said, “This initiative and the presentation of the checks made today demonstrate our commitment to ensuring the potential of the entertainment industry is realized.
  • “I congratulate the beneficiaries who receive their checks today. I am convinced that your proposals and plans must have been truly compelling and compelling to merit the Committee’s approval.’

The governor urged recipients to use the loans wisely and repay them on time to allow others to access the fund.

What the Lagos State Commissioner for Tourism, Arts and Culture says

In his opening remarks, Akinbile-Yussuf revealed that prior to the revolving loan for filmmakers being put in place, the Governor made various interventions to mitigate the devastating effect of the Covid-19 pandemic on film owners. companies in the hospitality, entertainment and tourism sector.

  • She says, “Mr The Governor has set up a Palliative Care Review Committee led by veteran Nollywood actress, Joke Silva, which has proposed an immediate intervention of 1 billion naira for the various stakeholders. Following the approval of the Governor, the Ministry then presented checks to some of the beneficiaries during the inaugural edition of the Lagos Tourism, Arts and Culture Hospitality Economic Summit, LATHACE held in the year last.
  • “To complement this gesture, the Department has sought and obtained Mr. Governor’s approval for a 50% rebate on operating license fees payable by all practitioners in the entertainment and hospitality industry for the ‘year 2020’.
  • She said checks worth N200 million would be presented to the 39 successful beneficiaries of the revolving loan under the first batch, while more beneficiaries will still appear as the second batch is collected. of candidates began.
  • Going further, she said, “The state government wants to use the revolving funds to lift young people out of unemployment while creating entrepreneurs who would use their creativity to improve the film industry’s market share.”

What you should know

  • Recall that in September 2021, the Lagos State government decided to increase funding for the entertainment and film industry by approving a special fund for filmmakers in the state.
  • The state government said the approval of special funds for filmmakers came with the inauguration of a committee to oversee the disbursement of funds to qualified individuals, adding that each of the recipients can access up to to 40 million naira in the form of a film production loan.

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