Stakeholders from the financial and creative sectors have urged increased investment in the country’s film industry to unlock its potential for economic growth and job creation.

At the inaugural Africa Film Finance Forum (AFFF) held in Lagos, industry leaders highlighted the need for robust financing structures to address critical challenges in distribution, piracy, and monetization.

Ben Murray-Bruce, founder of Silverbird Group, called for government-backed financial instruments to support the industry. “The government must introduce bonds to develop the sector and save lives,” he stated. Murray-Bruce emphasized affordable funding as essential for empowering young Nigerians to harness their talents in film, music, and sports rather than turning to crime.

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“With over 200 million citizens, many under 35, the government has a moral, legal, and ethical duty to provide financial support for these young talents,” he added.

Moses Babatope, CEO of Nile Media Entertainment Group, pointed out the disconnect between Nigeria’s large population and the relatively low revenues generated by the film industry.

“We have prioritized content production but neglected critical infrastructure investment,” Babatope noted. He stressed that infrastructure development could boost cinema attendance and revenues, projecting industry growth to $50 billion with adequate funding.

Mary Ephraim-Egbas, convener of the AFFF, described the African film industry as a $20 billion sector capable of delivering up to 200% returns on investment. She urged collaboration between financial institutions and industry stakeholders.

“This is the time for the finance industry to act,” Ephraim-Egbas asserted. “Discussions must translate into tangible funding and well-structured opportunities.” She added that the AFFF aims to connect 3,000 participants across finance and film sectors to drive investments.

John Uwajumogu, Special Adviser to the President on Industry, Trade, and Investment, reaffirmed the Federal Government’s commitment to supporting the film industry. Similarly, Baba Egba, Special Adviser on Creativity, encouraged industry players to utilize development funds approved by President Bola Tinubu to expand globally.