President Goodluck Jonathan made good on a campaign promise to Nollywood and announced his plan for a N2 billion fund set up for the film industry.
This money will be disbursed as grants to particular sectors of the industry with the aim improving the technical and professional capacity in the value chain of the Nigerian movie industry.
The scheme known as ‘Project ACT Nollywood is similar to the N3 billion Nollywood Intervention Fund which was set up 4 years ago by the Jonathan administration is specially designed to reshap and boost film production and distribution within and outside Nigeria.
This decision was made by President Jonathan during an exclusive dinner meeting held with entertainers and Nollywood practitioners on Saturday, January 24, 2015 in Lagos.
According to a statement issued by the Special Adviser, Media to CME, Mr. Paul C Nwabuikwu in Abuja, applications for the distribution fund are passed through the Project ACT online web portal which will be functional for a period of two month having started already on January 19, 2015.