This is a partial call: Nigeria wants to privatize the Nigerian Film Corporation (NFC). Yes, sell it off; I do not think we need it. But if the nation does that, Nigeria cannot empower a private company to regulate the film industry. So, the nation cannot have it both ways: it either finds money to fund NFC OR it privatizes it and forgets about regulating the sector.
But because not regulating the industry is very dangerous, I will propose an idea: turn NFC into a public-benefit company (think of a farmers cooperative) where all the stakeholders in the film guilds co-own it. In other words, you allow the practitioners to self-regulate with one small department in the Ministry of Information overseeing everything.
In the NFC board, have representatives from film guilds, religious leaders, civil societies and the government. Funding the NFC will come from a special fee on all new films. With that, NFC will do its work and the government will not spend kobo funding bureaucracy.
The Nigerian government has said it is planning to reform the Nigerian Film Corporation (NFC) through commercialisation so it can address its teething challenges and reposition it for improved performance.
The minister of information and culture, Lai Mohammed, said this on Monday while inaugurating the steering committee on the commercialisation of the NFC.
Mr Mohammed said the commission, which is expected to regulate and organise professional practice in the film industry, is facing numerous challenges, which include its inability to engage in commercial film production and its limited operational functions such as leveraging on the private sector-led growth of the industry.
Another challenge of the agency is its civil service structure that “comes with bureaucratic limitations, budgetary constraints and operational inefficiency.”
He said in order to address these challenges and reposition the NFC for improved performance, the federal government had engaged the services of a business development consultant to conduct due diligence on the corporation and the sector and recommend a strategy that is suitable for its reform and commercialisation.
1. Advance your career with Tekedia Mini-MBA (Sept 13 – Dec 6, 2021): 140 global faculty, online, self-paced, $140 (or N50,000 naira). Click and register here.
2. Click to join Tekedia Capital Syndicate and own a piece of Africa’s finest startups with a minimum of $10,000 investment.3. Register and join me every Saturday at Business Growth Playbooks w/ Ndubuisi Ekekwe (Sept 4 – Oct 23, 2021), Zoom, 4.30pm WAT; costs N20,000 or $60.