Nollywood Makes History, Secures $1M Capital Fund To Make Quality Movies

Nollywood Makes History, Secures $1M Capital Fund To Make Quality Movies

Pearl Emmanuel

FilmOne disclosed in a recent press statement that the Nigerian movie industry has received an international capital fund for the production of more quality movies with investments coming from China and South Africa.

The major investors include the Huahua Media, a Chinese company known for investing in ‘Godzilla: King of the Monsters’ and AY’s forthcoming movie, ‘30 Days in China’, and the Empire Entertainment, which is South Africa’s leading distributor that represents major Hollywood studios and a host of leading independent producers.

During the signing of the deal, China's consul-general, Chu Maoming, said: “This is the very first film fund between Chinese and African partners, signaling a growing interest in Nollywood by China and international film communities.”

“We welcome this partnership between Chinese and African companies. They seek to increase the premium Nollywood films being made by providing filmmakers with bigger budgets and technical advice to improve film quality.”

Moses Babatope, FilmOne’s managing director, said that the fund would take Nollywood to greater heights in quality production.

“Our filmmakers have the talent, but lack access to the capital that would allow them to produce the movies they dream about,” he said.

“This fund aims to change that paradigm through partnership and by providing the resources needed to make better films, and create more jobs and opportunities for other creatives.”

Happenings Media