The Nigerian International Film & TV Summit (NIFS) Lagos commenced on Tuesday, October 24, 2023, at the Marriot Hotel, Ikeja. This three-day event is themed “Break the Ceiling! Identifying Barriers towards Global Crossovers, Positioning, and Opportunities.”
Ijeoma Onah established NIFS to address and resolve issues within the Nigerian film industry. The event features finely curated business-focused programs, high-level conversations, and networking. In her welcome speech, Onah said that NIFS is committed to expanding the opportunities within the film and TV ecosystem, including the Nollywood industry, by focusing on global positioning and bridge-building efforts. She emphasized the untapped potential of connecting with the diaspora and the need to unlock significant opportunities.
“The Nigerian film industry is self-sustaining however the opportunities available outside our territories, especially in connecting the diaspora have huge and untapped possibilities and opportunities for us. This remains our core focus to ensure that we are intentionally unlocking massive opportunities that can completely change the narrative,” she said.
In the filmmaking and creative production space, a harsh reality looms and that is the scarcity of resources. Filmmakers, producers, and creatives frequently struggle to secure funding for their projects. The struggle for funding is not limited to just the filmmaking process itself. Marketing, distribution, and promotion of the final product are equally critical aspects that require significant financial resources. Without ample funding, the reach and impact of a film can be severely limited.
The keynote speech was delivered by Ojoma Ochai, Managing Partner of the Creative Economy Practice at CCHub. She discussed the essential aspects of fundraising and stressed the importance of understanding why funders support projects. “If you don’t know why they fund projects, you can never get money from them. It’s a common mistake that people raising money make; they ask investors for money and promise a return, but what if the investor does not want a return?” Ochai elaborated on various reasons why funders fund, including mission, access, status, social connections, and returns.
In Ventures Africa’s recently published digital Issue, The New Wave of Nigeria’s Soft Power, Editi Effiong, director of The Black Book, also reinforces why it is crucial to know the motivations of potential funders.
“I’ve known Kola for over ten years and helped him with marketing design for some of his companies. I have known Subomi since 2012, when we worked together at Alder. I knew Odunayo before she founded PiggyVest. Prosper Otemuyiwa was my intern: I gave him his first job. ‘GB’ (Gbenga) and I knew each other when he worked at Access Bank: Access Bank was my client, and I worked with his team.”
Day one of the event also featured a panel on the importance of insurance and financial management for film professionals. Panelists Muyiwa Akinyemi, Deputy Managing Director of UBA, Babatunde Ajayi, Head of SME UBA Group and Gbenga Osibodu, Regional Head – West at Heirs Insurance Group shared their views on the importance of talents and creatives in the film industry safeguarding themselves with insurance coverage, especially for health issues and emergencies. This protection extends not only to personal welfare but also to production equipment and processes. “People in the film industry are assets and they should be well protected to avoid losing talents while they are young or losing elderly talents who still have a lot to offer,” said Osibodu.
