Tax Incentives Creates More Vibrant Industry –Adesanya

Published July 17, 2010 (Leadership Newspapers)

By Al-Amin Ciroma

The Nigerian motion picture industry is set to benefit from tax incentives that will promote film production in Nigeria and boost the fortunes of film makers.
This was the thrust of the Public/Stakeholders Forum which got underway in Lagos last week Thursday. Attended by a cross section of motion picture practitioners, independent television producers, heads and leaders of motion picture associations and guilds, representative of the National Film & Video Censors Board (NFVCB), Federal Inland Revenue Service (FIRS) and a cross section of the media. The Forum was intended to present the proposal on Tax Incentives/Reliefs being sought to be recommended to government for implementation.
The exercise organised by the joint committee of the Nigerian Film Corporation (NFC) and the FIRS marked the first leg of the public presentation of the proposed Tax Incentives to stakeholders for their input.
Speaking at the forum, Afolabi Adesanya, Managing Director/Chief Executive of NFC, said that the proposed Tax Incentives being sought will create a “More vibrant film industry, generate more employment, raise the level of Foreign Direct Investment (FDI) into the sector, and generate more revenue and income.”
Boosting the pool of funds available for the development of the film industry, outside government treasury, and the promotion of socio-cultural development, Adesanya said, also accounts for the proposal, stressing that there is the urgent need to integrate film into the economic development of the country.
The next leg of the Forum/Stakeholders Forum is scheduled to take place in Enugu and Kano States respectively.