Monday, May 28, 2012

Nigerian Bank Nexim sells Nollywood at Cannes International Film Festival

The Nigerian Export-Import Bank is partnering the Nigerian Film Corporation in a co-sponsoring arrangement at the on-going 65th edition of Cannes International Film Festival, in France.

The NEXIM team is at the festival to seek co-financing/co-production opportunities in support of the Nigerian motion picture industry.

At a special session held on Wednesday, in conjunction with the Federal Inland Revenue Service (FIRS) and the NFC, the bank enjoined exhibitors to explore areas of synergies between producers and film makers. It was also an avenue to showcase the abundant opportunities in the Nigerian movie industry.

Highlights of the Bank's participation include a paper presentation led by Mr. Awami Mohammed, the Bank's Assistant Manager, Credit Insurance and Guarantee Department, issues on Co-financing/Co-production opportunities for the Nigerian Motion Picture Industry was exhaustively discussed. The festival provides a platform for the Bank to interact with International Financial Institutions and fund arrangers as it regards Film Finance.

The Nigerian Film Corporation, has since 2007, secured a pavilion at the Marche du film (Film Market) of the festival to provide a home for Nigerian Industry practitioners and stakeholders to showcase their works.

Thus, to enrich Nigeria's participation at this year's edition of the prestigious film festival, hence its partnership with the Nigerian Export Import Bank (NEXIM) and the Federal Inland Revenue Service (FIRS) on Co-financing, Co-production opportunities, and appropriate Tax Regime/Incentives for the Nigerian filmmakers.

Mohammed who represented the Managing Director of the Bank, Mr. Roberts Orya explained that NEXIM is a wholly government-owned financial institution with the broad mandate that include the provision of Credit Facilities in both local and foreign currencies; Export Credit Guarantee & Export Credit Insurance; Business Development and Financial Advisory Services; as well as Trade and Market Information.

He emphasized that NEXIM's activities in support of the movie industry is such that the bank considers the creative arts and entertainment industry as a very important sector with sustainable growth and foreign exchange potentials that would generate, sustain employment as well as create wealth and continuous pool of talents.


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