Executive Director of the National Film and Video Censors Board (NFVCB), Dr Shaibu Husseini, says Nigeria’s creative sector needs sustainable policies and infrastructure, not handouts.
He spoke last Tuesday during the second panel session at the inaugural QEDNG Creative Powerhouse Summit held in Lagos.
The summit, themed “Financing as Catalyst for a Thriving Creative Economy,” brought together filmmakers, musicians, fashion designers, journalists, bankers, government officials and business leaders to discuss how creatives in Nigeria can thrive.
It was chaired by Group Managing Director of SO&U, Udeme Ufot, and anchored by actress and voice artiste EyiyemiOlivia Rogbinyin.
The first panel session featured filmmaker Kunle Afolayan, AFRIMA founder Mike Dada, Africa Film Finance Forum founder Mary Ephraim and Duke of Shomolu Productions’ Joseph Edgar, with broadcaster Anike-Ade Funke Treasure as moderator.
The second session, moderated by former Lagos commissioner for tourism, arts and culture Steve Ayorinde, had Dr Husseini; Head of SME Banking at First Bank of Nigeria, Dr Abiodun Famuyiwa; Head of Legal and Business Development at The Temple Company, Yemisi Falaye; and Group Head of Large Corporates and Structured Finance at Providus Bank, Dr Biodun Ariyo.
Speaking on how past and present government funding models compare, Husseini said he is one person who believes government needs to create policies and the enabling environment for the industry to thrive.
“I am not one to believe that the government needs to give out handouts to creatives to make movies or creative works. So even before I became executive director, I’ve been advocating for the fact that we need to put down policies that are sustainable, policies that don’t just come and when another government comes into office they wipe the policy out. For instance during the administration of — and I am talking about the difference between those funding schemes and this one now,” he said.
Recalling the Jonathan administration, he added: “During the administration of Jonathan, he gave something they call Project Nollywood. That was basically a grant, grant to filmmakers to make films and all that. And we quarrelled with that grant because we felt that there should have been a monitoring structure, something that can make that grant sustainable but there was nothing on ground that kept that fund going. So when another administration came, there was even no funding for the whole eight years for that administration from government.”
Husseini said the current government is taking a different approach.
“But here is a government which believes that apart from creating a full ministry as the SSA has said, that there’s a need to provide certain funding for the industry. But the difference between that one and this one is that, that one is part grant and a funding mechanism that you must pay back. You must show that you can be able to pay back. And why are you paying back? It’s because of the CEDF — the creative industry development fund,” he explained.
On how much the fund is worth, he said: “A hundred million dollar for the first tranche and there’s another hundred million dollars for the second tranche. The money is coming from Afrexim bank. You are supposed to apply for them and make sure that you have bankable projects. But you just find out that the thing is ongoing, application has closed for the first tranche, application has just opened, I think it will open on the 14th for the second tranche.
“They will start accessing the first tranche from the first quarter of 2026 and they will access the second tranche from the second quarter of 2026. The difference with this one is more of building infrastructure for the industry. It is not for you to make — you can make films. Maybe 10 or 20 percent of the funding will go into filmmaking. It is more about building infrastructure, distribution infrastructure because whether you like it or not we have a problem with distribution infrastructure in the country. It is also about building studios, production infrastructure in the country. We don’t have production lots, even sound stages. Only few people make efforts, personal efforts. People like Kunle Afolayan and the rest of them make personal efforts to do this. This fund is for the provision of infrastructure for the country not a grant. There’s a grant component, just about 10 to 20 percent.”
When asked why the initiative cannot serve as the endowment fund the industry has long prayed for, he replied: “There’s a plan to kickstart the endowment fund. The endowment fund we are talking about is not what the ministry can handle. It’s something the Federal Executive has to pass so that it can be sustainable. So that whenever a new government comes in, that fund will be there.”
The Creative Industry Development Fund (CEDF), backed by Afreximbank, was launched earlier this year with an initial $100m facility. Another $100m will follow in a second phase. According to the government, the fund is designed to provide financing for creative projects, infrastructure and distribution networks while also offering limited grant support.
Nigeria’s creative industry currently contributes an estimated $5.6 billion to the economy. The government projects it could hit $100 billion by 2030.
