Nollywood to get tax package to attract investors

By Adewale Oshodi - Updated: Tuesday 02-06-2009

Mr. Afolabi Adesanya, MD, NFCA definite tax investment package to attract film investors, particularly independent filmmakers from across the globe to Nigeria, is underway.

This was disclosed at the workshop on Tax Environment and Investment Opportunities in Nigeria, organised by the Nigerian Film Corporation (NFC) in conjunction with the Federal Inland Revenue Service of Nigeria (FIRS) and hosted by Cinema Du Monde (Cinema of all Nations) at the Cannes International Film Festival in France.

At the workshop, held at the Cinema Du Monde pavilion, and moderated by the Managing Director of the NFC, Mr. Afolabi Adesanya, participants canvassed for a situation where definite tax and investment incentives will be instituted by the FIRS, in partnership with the NFC, as the first step towards attracting foreign investments for filmmaking in Nigeria.

The well-attended workshop featured networking sessions and discussions. Adesanya assured that the NFC will expedite action on the articulation of a specific and realistic tax regime for the industry, saying that the tax regime will attract co-production and production opportunities for an industry that has recently been rated second largest in the world, according to UNESCO.

Meanwhile, Nigeria’s participation at this year’s Cannes film festival opened up new vistas for the Nigerian film industry. Several discussions and requests for collaborative works between some reputable film companies and international organisations and their Nigerian counterpart were held with the Nigerian Film Corporation officials. Among such international organisations is Scenario Films Limited, which is desirous of having a joint workshop on film in Nigeria. In a round table session, Gareth Jones, a director with Scenario Films Limited, said the proposed workshop will, among other things, examine story telling approaches across continents. The National Film Institute, Jos, also received accolades as a result of the tremendous global impact by her students with promises of manpower training and scholarships to deserving lecturers and students of the institute.

Meanwhile, Nigeria may host the 2009 edition of the ION International Film Festival. Valentine Charles, a member of the organising committee, who was at Cannes to promote the festival, announced that the festival, which is in its sixth edition, will hold in Lagos for five days between December 2 to 5, 2009.

Charles announced that Nigeria was being considered to host the festival because of its abundant diversity, yet rich in culture and talented filmmakers. The festival will provide Nigerian filmmakers and filmmakers from other parts of the world the opportunity to showcase their talents, as well as an opportunity for sustainable business relationships, alongside the exhibition of films that “we hope will positively impact our worlds,” Valentine said adding, that “Nigeria is so special to us.”

Deadline for the submission of entries for the festival, according to Valentine, is September 30, 2009. Established in 2004 by Chris Davies of Shout Studios and acquired in 2007 by Farmani Group, the ION International Film Festival is a touring festival that is dedicated to promoting independent film, documentary, animation, music video and movie trailers.

The festival is held each year in different international location in an effort to promote global awareness and unity. The ION also prides itself as an organisation that strives to bring awareness to individuals and organisations that are creating socially relevant films to positively impact the world.