BACKGROUND
The Nigerian Film Corporation (NFC) is the frontline film agency of the Federal Republic of Nigeria. It was established in 1979 under Decree No.61 of 1979. The NFC is a parastatal of the Federal Government of Nigeria under the supervision of the Federal Ministry of Information and Culture. The enabling Act under which the Corporation operates empowers it to lay a solid foundation for the development of a viable and sustainable film industry and cinema culture in Nigeria. By its activities, the Corporation contribute to the socio-economic development of Nigeria. At the moment, the processes of the transformation of the Corporation to a Film Commission, in line with the African Union charter on communication and audiovisual, is in progress.
FUNCTION
- The production of films for domestic consumption and export
- The establishment and maintenance of facilities for film production The encouragement of the production by Nigerians of films through financial and other forms of assistance The provision of facilities for training and archiving of film, sound and video materials, like the Shoot training programme, etc The encouragement of the development of cinematograph theatres in Nigerian by Nigerians by way of financial and other forms of assistance
- The acquisition and distribution of films Industry support services Film festivals and the Nigeria International Film festivals Conducting of research into matters pertaining to film and the industry as a whole
- The carrying out of such or other activities as may be necessary and expedient for the full discharge of all or any of the functions conferred under or pursuant to the Act establishing the NFC.
SHAREHOLDING STRUCTURE
The Nigerian Film Corporation (NFC) is 100% owned by Federal Government of Nigeria (FGN).
TRACK RECORDS
- Nigerian film industry contributed about 1.4% to the GDP in 2013 and 2014
- According to the World Bank, Nollywood produces up to 50 films a week, surpassing Hollywood in volume.
- The African film industry s not only an entertainment but also a moneymaker.
- Nollywood generates an impressive $590
- Contributed 2.3% (NGN239biliion) to Nigeria’s Gross Domestic Product (GDP) in 2016
- It is one of the priority sectors identified in the Economic Recovery and Growth plan of the Federal Government of Nigeria with a planned $1billion in export revenue by 2020
FUTURE PROSPECTS
- The vision of NFC is to be a viable motion picture industry for Nigeria while the mission is to provide an enabling environment for the development and growth of the motion picture industry.
- The opportunities in the industry have resulted in numerous commercial deals, including the following:
- A movie rights purchase of about 11 Nollywood titles for $12million by Netflix Distribution;
- A $25million partnership deal between New York’s Tiger Global and Sweden’s IROKO to stream Nollywood films for $1.50 a month on pay television;
- The establishment of dedicated channels for Nollywood films by Multichoice’s DSTV African Magic, YouTube streams, IBAKA TV etc – all for undisclosed commercial considerations;
- Some Box Office films generated over three billion naira from premieres; and
- The growth in the industry led to composite growth in the establishment of commercial public cinemas such as Silverbird, Film House Cinemas and Genesis Cinemas etc, employing over one million people in Nigeria; next only to agriculture, thereby pumping $600million annually into the economy.
PRIVATISATION STRATEGY: Commercialisation
