The Lagos State Government has given out interest-free loans worth a sum of two hundred million naira (₦200m) to 37 filmmakers in need of financial suppory in the state.
The incentive is a scheme of the Lagos Creative Initiative (LACI), a project of the state’s Ministry of Tourism, Arts, and Culture.
A nine-man committee comprising of veteran filmmakers and senior government officials headed by the Commissioner for Tourism, Arts and Culture, Ms. Uzamat Akinbile-Yusuf, had been set up in 2021 for this purpose.
Governor Babajide Sanwo-Olu explained that the committee was set up with the mandate of identifying struggling filmmakers that could be empowered with grants and seed fund for production purposes.
During the presentation of the cheques at Glover Memorial Hall, Lagos, the governor, represented by Akinbile-Yusuf, said the aim of the initiative was to address financial challenges that hindered quality film production in Lagos and in Nigeria at large.
“This initiative and presentation of cheques being done today are a testament to our commitment to ensure the potentials of the entertainment industry are realised.
“I congratulate the beneficiaries of this Initiative who are receiving their cheques today. I am without doubt that your proposals and plans must have been really compelling and convincing to the committee,” he said.
Sanwo-Olu also admonished the beneficiaries to make judicious “use of the loan and pay back” at the stipulated time to enable prospective beneficiaries take advantage of the same opportunity.