Lagos gives N200m interest-free loans to 37 filmmakers

Babajide Sanwo-Olu, Lagos state governor, has given loans worth N200 million to 37 filmmakers.

The intervention is a scheme of the Lagos Creative Initiative (LACI), a project of the ministry of tourism, arts, and culture.

A nine-man committee of veteran filmmakers and some senior government officials headed by Uzamat Akinbile-Yusuf, the commissioner for tourism, arts, and culture, was set up in 2021.

The governor, on Wednesday, said the committee was tasked with identifying struggling filmmakers to be empowered with production grants.

Represented by Akinbile-Yusuf during the presentation of the cheques at Glover Memorial Hall, Lagos, Sanwo-Olu said the aim of the initiative is to address financial challenges that inhibit quality film production in Lagos and Nigeria.

“This initiative and presentation of cheques being done today are a testament to our commitment to ensure the potentials of the entertainment industry are realised,” the governor said.

“I congratulate the beneficiaries of this Initiative who are receiving their Cheques today. I am without doubt that your proposals and plans must have been really compelling and convincing to the committee.”

Sanwo-Olu admonished the beneficiaries to make judicious “use of the loan and pay back” at the stipulated time.

Adebayo Salami, the veteran filmmaker better known as Oga Bello, praised the Lagos state government for the intervention and promised that the filmmakers will pay back without defaulting.