ACCESS Bank Plc has launched
a N1 billion ‘AccessNolly’ fund to
improve and provide solutions for
markets and communities where it
A statement from the bank
explained that the fund is primarily
targeted at movie producers and
distributors for the production and
distribution of films of international
quality and standard.
The fund, according to the bank,
was launched recently in Lagos. It
noted that the Nigerian film industry
is the third largest film industry
in the world with annual revenue
of $200 million and currently
employs approximately one million
people making it the second largest
employer of labour. Speaking on
the initiative, the Bank’s Executive
Director, Business Banking Division,
Titi Osuntoki said: “The N1 billion
funds is primarily targeted at
players within the industry that
have the capacity to produce and
distribute movies as well as meet
other set eligibility criteria.
Some of which are number
of movies produced, number of
years in the industry and annual
business turnover.” Based on the
key market segments identified in
the sector, research had shown that
the industry has the potential to
contribute up to 1.5 per cent to the
nation’s Gross Domestic Product,
GDP, but has been hampered due to
an existing funding gap.
“The bank has set aside these
funds in order to facilitate the
production and distribution
of quality Nigerian movies,
purchase of new film production
equipment and the expansion
and enhancement of production
centres and film making hubs,” she
added. According to Osuntoki, only
commercially viable scripts and well
thought out storylines will benefit
from the scheme.
“We have identified the potential
of this sector of the economy and
we have chosen to revolutionize
and transform the entertainment
industry with a major focus on
Nollywood, as well as be the lead
banking partner to this industry
hence the birth of AccessNolly
Fund,” she said.

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