Access Bank Plc has launched a N1 billion ‘AccessNolly’ fund. The bank explained that the move was part of efforts to improve and provide solutions for markets and the communities where it operates.
The AccessNolly Fund is primarily targeted at movie producers and distributors for the production and distribution of films of international quality and standard.
The fund, according to a statement from the bank, was launched recently in Lagos.
The Nigerian film industry is the third largest film industry in the world with annual revenue of $200 million and currently employs approximately one million people making it the second largest employer of labour.
Speaking on the initiative, the bank’s Executive Director, Business Banking Division, Titi Osuntoki said: “The N1 billion fund is primarily targeted at players within the industry that have the capacity to produce and distribute movies as well as meet other set eligibility criteria. Some of which are number of movies produced, number of years in the industry and annual business turnover.”
Based on the key market segments identified in the sector, research had shown that the industry has the potential to contribute up to 1.5 per cent to the national Gross Domestic Product (GDP) but has been hampered due to an existing funding gap.
“The bank has set aside these funds in order to facilitate the production and distribution of quality Nigerian movies, purchase of new film production equipment and the expansion and enhancement of production centers and film making hubs,” she added.
According to Osuntoki, only commercially viable scripts and well thought out storylines will benefit from the scheme.
“We have identified the potential of this sector of the economy and we have chosen to revolutionize and transform the entertainment industry with a major focus on Nollywood as well as be the lead banking partner to this industry hence the birth of AccessNolly Fund,” she said.
Access Bank is a full service commercial Bank operating through a network of 350 branches and service outlets located in major centres across Nigeria, Sub Saharan Africa and the United Kingdom.