Economy-Nigeria - The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) has pledged its support for the development of the film industry in Nigeria, through the National Economic Reconstruction Fund (NERFUND), according to the agency's Director-General, Muhammad Nadada Umar. The privately-own Guardian Newspapers reported that the agency would open tangible funding windows to the Nigerian entrepreneurs like the SME credit introduced by the Central Bank of Nigeria. Umar gave the assurance during the signing of the Memorandum of Understanding (MOU) between the Agency and the Nigerian Film Corporation (NFC). The areas of support will include strengthening the training/capacity building and the development of business models for entrepreneurs in the film sector.

He said the linkage between film-makers and international sources of finance, product competitiveness and market standard development had all been catered for in the MOU.

“The terms of the MOU would add tremendous value to the national economy as it aims to create opportunities for small businesses to grow in the film industry, especially as regards youth employment, revenue generation, poverty reduction and social stability in the country’, Umar added.

On his part, the boss of NFC, Afolabi Adesanya, emphasized the value of placing entrepreneurial skill on the front burner of practitioner’s activities.

According to him, while film is largely perceived as art, it is also a business capable of generating huge revenue which could contribute to the growth of the nation’s Gross Domestic Product (GDP).

He added that, “If the business potentials of film are fully harnessed and adequately developed, the industry could become one of the highest revenue-generating sectors of the economy as obtained in the US.'

The Nigerian Film Industry has become a money-spinning venture fuelled by the Nollywood stars who of recent have dominated many African markets.

While the practitioners place emphasis on artistic aspect of production, not much attention is giving to the business aspect.

This in turn results in the sector’s inability to sustain the momentum of growth and development.

It is, however, believed that with the support of SMEDAN, the challenges confronting the industry would be greatly reduced.

Pana 14/06/2011