Business

FG seeks increased content in film streaming firms

By JOHNMARK UKOKO

•CBN, banks support sector

Minister of Information and Culture, Alhaji Lai Mohammed, has asked companies offering film streaming services to increase their local investments, open offices and increase local content on their platforms, if they wish to continue doing business in Nigeria.

Mohammed, who stated this at the closing ceremony of this year’s edition of the Zuma Film Festival in Abuja, said this had become necessary to ensure that promoters of content development reap the benefits of their work.

“As we celebrate the astronomical growth of our film industry, we must critically examine their creative minds behind the phenomenal growth to reap the benefits of their hard work.

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This is why I am delighted with the theme of this year’s festival: Show Us The Money.

“I hope this year’s film festival has shown film makers how they can exploit new platforms, not only to get money, but also to touch and keep profitability and global reach of their films,” he said.

He stressed the need to boost the exhibition revenues of the film industry, saying the ministry had partnered with the Central Bank of Nigeria (CBN) and the Bankers Committee on the renovation of the National Theatre at a cost of $100 million.

Mohammed maintained that the move was important because the National Theater was conceived as the hub of the creative industry in the country many years ago.

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