The Bank of Industry (BoI) said it developed a special product called “BOI NollyFund” to support Nigeria’s movie producers in continuation of its support for the creative industry.

This is contained in a statement by Head, Corporate Communications, BOI, Mrs Hadiza Olaosebikan, on Wednesday in Abuja.

The statement said that leading movie producers would receive financial support to produce international quality films and screen them through various platforms of movie distribution available in Nigeria and internationally.

It said the fund had an initial programme limit of N1 billion and a single obligatory limit of N50 million for individual loans and could be accessed by companies engaged in film production.

According to the statement, applicants are expected to provide commercially viable scripts and demonstrate a track record of successful movie productions.

“The producer is expected to sign up a reputable distributor who would issue a Minimum Guarantee and provide a cash deposit of 5 per cent of the loan amount.

“A Minimum Guarantee is a cash advance payable to the producer by the distributor in exchange for the exclusive rights to distribute a film in contractually stipulated media in agreed Sales Territory.

“This is similar to the internationally accepted loan structures for movie production and will definitely provide a great boost to Nigeria’s Nollywood,” it stated.