Why banks don’t give enough loans to Nollywood filmmakers- Jim Iyke - SALIENT TIMES ONLINE

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Saturday, 2 October 2021

Why banks don’t give enough loans to Nollywood filmmakers- Jim Iyke

By Our Correspondent



Jim Iyke says financial institutions can’t give enough loans to Nollywood filmmakers because the industry has not been able to achieve a structural framework that makes it appear bankable.

 
The actor, in a chat with HipTV, spoke of the challenges producers face in seeking bank loans as a capital source.


He said many indigenous filmmakers are fixated on the creative side of acting in a way that relegates the business.


“There’s a lot we need. People say banks and financial institutions don’t do nearly enough for us,” Iyke explained.

 
“When you walk into a bank, the first point of interest is the ROI. They’re giving you money and want something in return. They want to understand that you’re a bankable entity. We’ve not made that happen yet.


“Everyone is fixated on the creative aspect of it: creating content, superseding themselves, getting into Hollywood, and making sure it’s a Netflix film. We’ve been fixated on the show for too long. They forget there’s a business to it.”


Iyke stressed the need to push for laws, safeguard the products of Nollywood, and build a stronger financial base.

 
“It’s called show business. Let’s bring the needed experts; push our government to make laws that will safeguard our products. This will leave our legacy and residues intact; make this legacy viable for our children,” he added.


“Everyone is just playing the keeping-up-with-the-Joneses game: buying the latest cars, owning the nicest houses, and earning the biggest bank accounts. We forget that these are just very trivial parts of the big picture.


“The big picture is building a strong financial base that is viable so that any thespian of worth can walk into a bank and take what they need to expand their horizon. All that is happening with financial institutions now is charity.


“They give you [loans] and they go and have a meeting behind the scenes like, ‘you know we’re not expecting this money back.’ That shouldn’t happen in an entity as big as ours. It’s the second-largest industry worldwide.

 
“There’s just so much potential and I don’t understand why our country as a whole doesn’t want to see that.”