During the past week, Nigeria's Minister of Finance, Honourable Olusegun Aganga, confirmed the provision of a "Special Entertainment Fund" by the Government of the west African country, following an announcement that was made by the President, Dr Goodluck Jonathan at the 30th anniversary of the Silverbird Group in November 2010. According to Vanguardngr.com, the amount ($US20m) has since been released to the Bank of Industy (BoI) and applications for the grant open on 17 January 2011.
Vanguardngr.com also reports that the bank, BoI will be the custodian of the fund and the Lagos Business School will provide entrepreneurial capacity training for beneficiaries of the Fund.
This announcement has been welcomed by many in the entertainment sector, which has been growing at a relatively large rate over the past few years. The development will certainly help aspiring entertainers, who unlike aspiring academics were not usually recognised and well funded in Nigeria. The rewards may be even greater for the Government, as it may expose the art and culture of the country, thereby promoting tourism and trade. Nigeria, which already has a thriving industry could be setting the pace for other African countries.
Government funding and subsidies, is one of the few ways that can help the African entertainment industry survive as the royalty system is very poor and direct public funding is very low. However, this alone will not help if there are no stringent corruption and piracy curbing methods in place.
I think more African Artists should have support from the government, The African Music Industry needs it. Plus It will be heaven for the upcoming artists and the ones who want to join to industry to know that they have the governments support, it says alot...
FO source:Rio Paul
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