The Nigerian Film Corporation, NFC, has called for the development of a policy framework that will enable filmmakers to seamlessly benefit from the services of insurance and risk management institutions.
The Managing Director of the Corporation Dr Ali Nuhu said that such framework would also benefit Content creators and practitioners.
Nuhu made the call in a statement issued to newsmen by the Director of Public Relations of the NFC, Mr Brian Etuk on Friday in Abuja.
According to him, “Nigeria’s film production ecosystem is long overdue to be assisted to further grow through investments.”
He noted that risk management institutions, especially insurance companies, must develop and produce services that directly addressed film production needs, unique capabilities and professional practices among others.
The NFC boss further stressed the need for stakeholders, content creators and operators within the country’s film industry space to benefit from such insurance companies as well.
Nuhu said; “the Management of risk remains one of the greatest concerns that sits at the very heart of building a sustainable creative economy that goes beyond conversations.
“The attention has to shift to how to make insurance support the growth and development of film production and other creative enterprises.”
“Film production in Nigeria has been driven by passion, talent, grit and Nigerian storytellers have created magic with limited resources, as well as given the world unforgettable stories,” he said.
Nuhu noted that passion alone was no longer enough, stressing that beyond the successes recorded, there was the need for more financial investments in film production, content creation, marketing and distribution.
According to him, the absence of safety nets within the film production value chain process has caused major setbacks beyond financial losses.
“Such setbacks include; business deals, job losses and stalled dreams.
“They also include funding considerations, opportunities and windows offered by investment and the development of finance institutions.
“Streaming platforms, co-production partners and countries, are becoming heavily skewed toward the availability of risk protection measures, including insurance,” he explained.
Nuhu noted that harnessing a seamless insurance policy, was a pathway for Nigeria’s film production and creative enterprise growth and development.
He also stressed on the emergence of insurance products built and developed to cover cast, crew, equipment, sets and locations.
“These include the availability of completion bonds that assure financiers that a project or event will be delivered, as well as errors and omissions covered, to protect distribution challenges that had become imperative.
“The entire content production ecosystem needs affordable, accessible micro-policies for our independent and emerging stakeholders and practitioners.
“The sector needs insurance and risk management structure that understands a call sheet, shooting schedule, film budget, exhibition, marketing and distribution,” he stressed.
Nuhu explained that Nigeria needed a framework that would also allow the film industry to grow, stakeholders function effectively and practice without fear.
“It should be able to unlock investment, protect film businesses and jobs, support film practitioners, film industry guilds and associations, risk management providers, as well as the regulatory institutions.
“The framework should be able to develop pathways that can make insurance cover, normal and necessary part of every Nigerian film production and content creation project realisable.
“It should support by enhancing Nigeria’s creative ecosystem through the provision of friendly insurance cover and risk management structures,” he added.
NAN
