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Nigeria targets $250 million from home video industry
Festus Owete, Abuja
Nigeria is targeting about $250 million from the export of home video produced in the country between now and 2007, a report on the National Economic Empowerment and Development Strategy has said.
Similarly, the country would also focus on development of standards and provide further investment in the film industry to an all time high of N5 billion.
According to the report, the Nigerian film industry has a significant foreign exchange earning capacity waiting to be tapped while recent reports indicated that in the United States over 2000 home video films are rented and sold per month in one shop alone.
The report noted however that the industry in Nigeria is constrained by low level of technical input, intellectual property and right, access to adequate finance, and professionalisation and inadequate human capacity.
It stated that government�s policy thrust would be to facilitate the development of a technology competitive private sector led film industry, generating employment, wealth creation and with net foreign exchange earning capacity.
The report said that government was determined to regulate the agency for the industry to facilitate healthy competition upgrade quality, ensure appropriate controls, monitor standards effectively and promotes standardization of production of quality films in Nigeria; create a window of special funding for the industry through the Bank of Industry and other such existing institutions; design, develop and implement a fast-track formal export scheme to bring the export transactions in this industry under formal sector; and provide incentives for further sector investment in sector.
It continued: �Certain targets, which would guide government�s action include facilitating high technological input into the production process; foster the development of a Nigerian version of �Hollywood� for films production; and encourage the development of local manufacture of film production inputs and support services clusters.�
SATURDAY PUNCH, June 26, 2004
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