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SMEDAN pledges NERFUND support for Nollywood

The Director- General of Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), Alhaji Muhammad Nadada Umar, has pledged the agency’s support for the development of film industry in Nigeria, through the National Economic Reconstruction Fund (NERFUND).

The agency’s boss in a statement in Abuja, expressed the readiness of SMEDAN to open tangible funding windows to the Nigerian entrepreneurs like the SME credit introduced by the Central Bank of Nigeria.

He gave the assurance during a Memorandum of Understanding between the agency and the Nigerian Film Corporation.

According to him, areas of support will strengthen the training/capacity building, development of business models for entrepreneurs in the film sector, adding that the linkage between film-makers and international sources of finance, product competitiveness and market standard development have all been catered for in the MOU.

He added: “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.”

While calling for more collaborative efforts with state governments, non-governmental organisations and establishments in a bid to guarantee greater success on the objectives of the agency, he charged all stakeholders to work hard to ensure that results are produced for all to see “so that at the end of the day, we would have achieved our given mandates”.

SMEDAN spokesman, Mr. Afolabi Adesanya emphasised the value of placing entrepreneural skill on practitioners in the sector that the agency had to function.

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).

“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 United State of America and California,” he said.


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