Financial institutions promise better relationship with creative industry

Soon, players in the art and entertainment industry will begin to enjoy financial support as two financial institutions in the country have expressed interest to boost the sector. The promise is coming at a time the creative industry and other industries are experiencing stress as a result of the economic crunch in the country.

The institutions, Access Bank Plc and Heritage Bank Plc, made the promise at the second review of Committee for Relevant Art (CORA)/Arterial Network workshop, facilitated by the National Coordinator of CORA/Arterial Nigeria, Mr. Ayodele Ganiu. It deliberated on fundraising for the art and entertainment industry. The two banks provided two funding opportunities for practitioners in the sector.

The fundraising review provided the platform for participants to interact with policymakers, key stakeholders in the creative sector and representatives of financial institutions. It was the second of a series of events designed to address participants’ challenges using specific case studies.

Prior to designing the fundraising review, the programme team realised that the extent to which the creative industry can attract funding and investment depends largely on the viability of the copyright system. Funding in the creative industry can only be stimulated by a copyright system that is compatible with international best practices and that would ensure that owners of work – investors and other parties with commercial interests – derive maximum economic benefits from their investments of time, energy, talent and money in creative productions.

The Access Bank team, led by the Group Head of Business Banking Mr. Adeyemi Odusanya, focused their presentation on ‘Partnering for Enhanced Productivity in the Nigerian Film Industry.’

According to Odusanya, the development challenges in the Nigerian film industry include piracy, marginal revenue, branding, distribution and financing. In spite of the challenges, the bank official identified prospects and investment opportunities in movie production, film distribution, digital technology, social media and mobile distribution.

The value chains of the Nigerian film industry, according to him, have collective needs and challenges, some of which can be alleviated by improving access to financial services. The team noted that the bank would adopt the value chain financing approach so as to better understand the competitiveness and risks in the film and entertainment industry as a whole to craft products that best fit the needs of the businesses within the chain.

Access Bank’s Relationship Manager, Mr. Adeyemi Euba, described Access Nollyfund as the bank’s financing programme worth N1 billion designed for licensed production companies and independent producers to part finance the effective production and distribution of Nigerian movies, support the purchase of new fixed assets geared towards the production of high quality movies and to part finance the expansion and enhancement of production centres and filmmaking hubs.

Heritage Bank’s Divisional Head, Enterprise Risk Management, Mr. Dike Dimiri, analysed the needs of the creative industry operators as a cycle revolving around content, infrastructure, finance and content. He also explained the bank’s approach, which primarily focuses on financial advisory in determining appropriate financial solutions to the needs of the sector. Heritage Bank Plc engaged participants and stakeholders on their entertainment banking offerings through a presentation titled ’Talent is Business’.

The event offered a veritable platform for participants to network with key stakeholders and establish relationship with new contacts in financial institutions interested in the creative industry.

On his part, Director-General, Nigeria Copyright Commission, Mr. Afam Ezekude, reiterated the stance of the commission in the fight against intellectual property theft, noting, “A sound copyright regime facilitates development through foreign direct investment, job creation, access to credit, information, transfer of technology, trade, services, domestic innovation as well as research and development”.

The Arterial Network Cultural Management Programme is funded by Africalia and supported by the Committee for Relevant Art (CORA), Goethe Institut, British Council, Department of Theatre and Film Studies, University of Port Harcourt, Asiri Magazine and The Guardian.