Nigerian actor and filmmaker, Jim Iyke has revealed the reason why Nollywood don’t get enough funds from financial institutions.
According to Jim Iyke, the Nollywood industry has not been able to present itself as a structural framework that is bankable.
The actor in a chat with HipTV made this known while speaking on the challenges producers face when they approach the bank for loans.
He indicated that many indigenous filmmakers are focused on the creative side of acting in a way that relegates the business.
“There’s a lot we need. People say banks and financial institutions don’t do nearly enough for us,” Iyke explained.
“When you walk into a bank, the first point of interest is the ROI. They’re giving you money and want something in return. They want to understand that you’re a bankable entity. We’ve not made that happen yet.”
“Everyone is fixated on the creative aspect of it: creating content, superseding themselves, getting into Hollywood, and making sure it’s a Netflix film. We’ve been fixated on the show for too long. They forget there’s a business to it.”
The actor further emphasized that laws need to be put in place to safeguard Nollywood products and build a stronger financial base.
“It’s called show business. Let’s bring the needed experts; push our government to make laws that will safeguard our products. This will leave our legacy and residues intact; make this legacy viable for our children,” he added.
“Everyone is just playing the keeping-up-with-the-Joneses game: buying the latest cars, owning the nicest houses, and earning the biggest bank accounts. We forget that these are just very trivial parts of the big picture.
“The big picture is building a strong financial base that is viable so that any thespian of worth can walk into a bank and take what they need to expand their horizon. All that is happening with financial institutions now is charity.
“They give you [loans] and they go and have a meeting behind the scenes like, ‘you know we’re not expecting this money back.’ That shouldn’t happen in an entity as big as ours. It’s the second-largest industry worldwide.”
“There’s just so much potential and I don’t understand why our country as a whole doesn’t want to see that.”