Nollywood, Africa’s largest film producer by volume, is poised for international expansion but needs targeted funding to match global standards. At the 14th Africa International Film Festival (AFRIFF), British-Nigerian filmmaker David Oyelowo outlined a $10 million blueprint to elevate the industry, blending institutional and private capital. His plan addresses longstanding access issues, building on recent bank pledges while proposing accountability measures to ensure funds reach creators.

Oyelowo’s model allocates $1 million to each of 10 filmmakers for high-quality scripts and production, with $5 million from banks like Afreximbank and the rest from individuals. “Nollywood is coming close to telling stories for global consumption,” he said during the AFRIFF panel “Rhythms of the Continent.” “To start the rise of Nollywood breaking into international spaces, all is needed is about $10 million… I’ll take full responsibility to offer Hollywood-quality scripts while distribution vehicles like FilmOne and MultiChoice should take priority.” He emphasized mentorship and proven channels to mitigate risks, drawing from his Hollywood experience.

This comes amid a surge in funding announcements. Afreximbank’s $200 million Nigerian facility, launched in October 2024, supports film infrastructure and exports under its $2 billion CANEX initiative. In May 2025, it added a $1 billion film fund for production and distribution. July’s equity deal with D’Banj’s platform further ties finance to talent development. These could supply Oyelowo’s institutional half, potentially unlocking $15 billion in sector value by 2025.

The federal government’s N5 billion Creative Fund, via Providus Bank since December 2023, has disbursed N1.5 billion in May 2024 to four producers for projects. June’s second batch expanded access, with vetting ongoing into 2025. It focuses on viable movies, aligning with Oyelowo’s emphasis on bankable content.

Oyelowo’s frustration stems from stalled talks: “Afreximbank came to me and I don’t know where they went afterwards.” Director Blessing Uzzi echoed: “Financiers resist announcing funds that nobody ever gets.” The panel tied this to execution barriers, despite Nollywood’s 2,500 annual films.

Oyelowo’s plan counters this by prioritizing distribution—via FilmOne for pan-African releases and MultiChoice for streaming—to ensure returns. It mirrors K-drama’s success through public-private ties, potentially amplifying Nollywood’s $1 billion exports. At AFRIFF, he discussed Hollywood’s growing interest in African stories, urging Nigeria to lead.

For investors, the blueprint offers low-risk entry: $5 million institutional seed matched privately, with Oyelowo’s oversight. Brookings notes CANEX’s potential, but stresses streamlined disbursements. The Central Bank’s 2025 creative loans add momentum. If adopted, it could position Nigeria as a creative hub, blending local talent with global markets. (BUSINESS DAY)