The Minister of Information and Culture, Lai Mohammed, has said that companies offering streaming services and who wish to operate in Nigeria will need to increase their local investment.
Such investments would include opening offices in the country and increasing local content on their platforms.
Speaking at the closing ceremony of the 2022 Zuma Film Festival in Abuja, the Minister said this would help content developers reap the benefits of their hard work.
“As we celebrate the astronomical growth of our film industry, we must also critically examine whether the creative minds behind this phenomenal growth have reaped the benefits of their hard work. This is why I am delighted with the theme of this year’s festival, which is ‘Show The Money’.
“I do hope this year’s film festival has shown filmmakers how they can exploit new platforms, not only to see the money but also to touch and keep it through the increased profitability and global reach of their films,” he said.
Mohammed commended players in the creative industry, adding that their hard work, ingenuity and persistence have firmly put Nigeria on the global entertainment and cinema map.
“I can boldly state that today, the Nigerian film industry is now the most important platform for showcasing Nigerian arts and culture globally,” he said.
The Minister also listed some interventions, including the Creative Industries Financing Initiative and a comprehensive report on the COVID-19 pandemic the government took to bolster the industry.
He added, “To boost the exhibition revenues of the film industry, we have partnered with the CBN and the Bankers Committee on the renovation of the National Theatre at the cost of $100 million. This is important because the iconic National Theatre was conceived as the hub of the Creative industry in Nigeria.
“Its renovation and the addition of four new hubs, including an international film production facility that covers production and post-production, will signify the restoration of the power of the industry and its preparation to play its huge role for Nigeria into the future.”
Mohammed expressed delight that the Zuma Film Festival had not just been revived but had grown since the assumption of office of the Muhammadu Buhari.
He added that the designation of Abuja as the official host city for the film festival, in line with global best practices, is another watershed.
“I want to appreciate the Federal Capital Territory Administration (FCTA) for its collaboration with the Nigerian Film Corporation and its enormous support for the Zuma Film Festival. I hope that preparations for next year’s film festival will commence in earnest so that we can build on the successes recorded at this year’s event, to make Abuja a bright spot in the global film festival calendar,” the Minister said.
