NEWS

Investors To Get Tax Relief To Boost Creative Industry – Osibanjo

Published

7 years ago

July 18, 2017

FG, Groups To Assist Start-Up Entrepreneurs – Osinbajo

Acting President Yemi Osibanjo on Monday in Lagos said that the Federal Government would grant tax relief to investors in the creative industry.

Osibanjo disclosed this at the opening of a two-day Creative Industry Summit with the theme, “Financing the Film, Television and Music Industries”.

The News Agency of Nigeria (NAN) reports that the summit was organised by the Ministry of Information and Culture in conjunction with Think Thank Media and Advertising.

The Acting President, who was represented by the Minister of Finance, Dr Kemi Adeosun, said that government is passionate about the creative industry and would continue to support it.

“The creative industry in Nigeria is a significant player in the economy. It is an industry that represents 1.42 of our GDP and has a huge export earning and in its own right employs millions of people. This is an extremely important sector,” he said.

Osibanjo said that the creative industry contribution to the GDP is impressive when compared to the 11 per cent contribution of the oil sector to the GDP.

He added that the contribution was also significant considering the fact that government had not invested so much in it as it has done on other sectors.

“The creative industry represents everything about Nigeria: It is diverse, it is universal, non religious, non tribal and this is one of the strength of the industry.

“The government needs to come and take note on how stakeholders have achieved that much for the industry without significant support from the government,” he said.

He said that in supporting the industry, government would increase the revenue strength of the sector to make it bankable and give tax incentives to investors.

“One of the things we are to address is direct government funding. Government will provide tax relief for those who are ready to venture into the creative industry.

“While government is running around to see how it can collect more taxes, we are also looking at ways to give incentives to people to encourage them to invest.

“We will look at a situation where we can create a pool of financing for the industry,” he said.

Osibanjo, however, said that government would be cautious in funding the sector in order to maintain the creativity of the sector.

He said the administration would explore sustainable loans that are easily accessible and recyclable for the development of the industry.

Osibanjo stressed the readiness of the government to support the industry in its march toward creating a niche for the country in the global arena.

Earlier in a welcome address, the Minister of Information and Culture, Alhaji Lai Mohammed, said that the summit was organised to proffer solutions to the challenges of financing films, television and music industries.

He said that the Creative Industry is a major plank of the Government’s economic diversification efforts and his ministry had been doing a lot to transform the industry.

The Minister said that with the support of government and the cooperation of stakeholders, the creative industry would create one million jobs in three years.

Related Topics:Investors To Get Tax Relief To Boost Creative Industry – Osibanjo

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NEWS

Dele Farotimi Breaks Silence After Release From Detention

Published

2 hours ago

December 25, 2024

Reporter

Dele Farotimi breaks silence after release from detention | fab.ng

Activist lawyer and author Dele Farotimi maintained his stance against Senior Advocate of Nigeria Afe Babalola during a press conference in Ado-Ekiti on Tuesday, following his release from detention.

Farotimi addressed reporters to restate his previous allegations against the prominent legal figure.

“I have never lied against anyone. If I don’t know, I will say I don’t know. The truth is enough—it is the only weapon with which you can slay the monster called Nigeria.”

Welcome back, Comrade @DeleFarotimi. pic.twitter.com/TYV6e7bnwK

— Inibehe Effiong (@InibeheEffiong) December 24, 2024

The Ekiti State Correctional Centre detained Farotimi after defamation allegations emerged against him.

His book “Nigeria and its Criminal Justice System” contains specific allegations of unethical conduct against Babalola, claims which Farotimi continues to defend as accurate.

The author stands by the investigative findings detailed in his publication despite the legal challenges he has faced.

“I understand the challenges that come with fighting entrenched powers, but I remain steadfast in my commitment to the truth,” he added.

An Ado-Ekiti magistrate court released Farotimi on December 20 after he met multiple bail conditions.

These conditions included posting a ₦30 million bond, securing two sureties with one being a property owner, and surrendering his passport. The court also restricted Farotimi, barring him from giving interviews to the media.

The case has ignited widespread discussions within Nigeria’s legal community regarding press freedom and institutional influence in the justice system.

Legal experts and civil rights advocates now await the forthcoming court proceedings, which will examine the merits of both the defamation claims and Farotimi’s defence.

Check out more news updates here.

MOVIES

Funke Akindele’s “Everybody Loves Jenifa” Rakes Box Office With ₦511 Million In Just 12 Days

Published

1 day ago

December 24, 2024

Reporter

Everybody Loves Jenifa rakes box office with ₦511 million | fab.ng

Funke Akindele’s comedy film “Everybody Loves Jenifa” has shattered Nigerian box office records by earning ₦511 million within just 12 days of its release.

FilmOne, the film’s distributor, revealed that this remarkable achievement makes it both the highest-grossing Nollywood film of 2024. It is also the fastest Nigerian movie to reach the ₦500 million milestone.

“History Made! Everybody Loves Jenifa smashes records with ₦511M at the box office, becoming 2024’s highest-grossing Nollywood title and the fastest to hit ₦500M in just 12 days! Don’t stop! Let’s smash the record books. Watch Everybody Loves Jenifa in cinemas near you,” the post said.

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A post shared by FilmOne Entertainment (@filmoneng)

“Everybody Loves Jenifa” achieved unprecedented success by generating ₦206 million during its opening weekend. It established a new record for the highest-grossing opening weekend in Nollywood history.

The film demonstrated its immediate appeal by earning ₦87.8 million on its first day. This set another record for the highest single-day earnings in Nigerian cinema.

Funke Akindele masterfully reprised her beloved Jenifa character, delivering a performance that perfectly captured the character’s signature humour and charm.

The narrative follows Jenifa through an engaging storyline filled with personal growth, fame-related challenges, and comedic situations that resonated deeply with audiences across Nigerian theatres.

Akindele’s marketing strategy proved exceptionally effective. Moreso, she implemented comprehensive social media campaigns and made strategic appearances at various cinemas to connect with viewers.

Her promotional efforts transformed the film’s release into a cultural phenomenon that extended beyond traditional movie-watching.

The film features an impressive ensemble cast including Falz, Omotunde ‘Lolo’ Adebowale-David, Olayode Juliana, Chimezie Imo, Layi Wasabi, Bisola Aiyeola, Jackie Appiah, and Omowunmi Dada.

These actors collectively bring depth to this comedy-drama that successfully weaves together humorous moments, emotional depth, and surprising plot developments.

Check out more movie updates here.

MUSIC

Tems Debut Album Ranks #2 On Billboard’s R&B List Of 2024

Published

5 days ago

December 20, 2024

Reporter

Tems debut album hits #2 on Billboard's R&B list of 2024 | fab.ng

Tems’ Global Impact: A Billboard Recognition

Tems, a global music sensation, has solidified her position as one of Africa’s most successful artists, with her album captivating millions of fans worldwide and garnering numerous prestigious awards.

In a recent testament to her talent, her debut album secured the second spot on Billboard’s list of the best R&B albums of 2025.

This remarkable achievement places Tems alongside renowned artists such as Chris Brown, PartyNextDoor, Muni Long, and Bryson Tiller.

Furthermore, Billboard has praised Tems’ music for transcending the boundaries of Afrobeats, resonating with audiences across the globe.

“The Nigerian star finds her footing in the global spotlight and stands firmly in her purpose on her dazzling debut album Born in the Wild.

“She opens up about surviving her mental wilderness and learning to thrive in it on the opening acoustic ballad that shares the album’s title.

“And on the mid-tempo standout “Burning,” Tems confronts the trappings of her newfound stardom but finds comfort in the collective struggle. As someone who’s studied Céline Dion, Destiny’s Child, and Mariah Carey and dreamt of making soul-stirring songs that send people into their feelings, Tems succeeded with aplomb.

“Born in the Wild became her highest-charting project on Top R&B Albums (reaching No. 5) and marked her career-first entry on the Billboard 200, peaking at No. 56.

“And while Born in the Wild and “Love Me JeJe” earned Tems 2025 Grammy nominations for Best Global Music Album and Best African Music Performance, respectively, her best R&B song nod for “Burning” further reinforced the rich diversity of her music– and the notion that African artists like Tems cannot be bound to the catchall “Afrobeats” term, as their music has traveled well past the borders of the continent. – H.M.”

Tems’ debut album, “Born In The Wild,” received critical acclaim in the United States.

Indeed, the album earned a Grammy nomination for Best Global Album.

Additionally, her single “Burning” broke records by securing a nomination for Best R&B Song. Meanwhile, “Love Me Jeje” received a nomination for Best African Music Performance.

Check out more music updates here.