The Nigerian Film Corporation (NFC) and the Federal Capital Territory Administration (FCTA) have signed a N2.5 billion Memorandum of Understanding (MoU) to host the Zuma Film Festival this year (ZUFF).
Dr Chidia Maduekwe, Managing Director of NFC, disclosed this in a statement made available to the News Agency of Nigeria (NAN) in Umuahia on Sunday.
“The collaboration is in line with the current global trend in the hosting of film festivals,” Maduekwe said.
“With this new development, the 2021 ZUFF is expected to generate a gross estimate of 2.5 billion in direct revenue from merchandising, in addition to tax revenue in excess of 1 billion.”
According to him, the revenue target will be met through increased film production shoots in the FCT, as well as increased interest, international participation, co-production agreements, and traffic generation.
“This is in addition to the festival’s direct and indirect job creation,” he added.
He called the MoU “historic,” noting that it was the first time the festival had received such widespread government support since its inception.
“There is a huge difference. For the first time, we are having a host city.”
“It means the FCT, which has the status of a state, and Federal Government are throwing their weight to what is being done at NFC.”
“You should not expect anything less because these are international standards.”
I recently returned from Durban, South Africa, where the Mayor was heavily involved. The state took over the Durban film festival or trade fair, and this will be replicated here in Abuja.
“That is the capacity we are bringing here, and it automatically translates to significant participation, not only within Nigeria, but also outside the country.”
“Nigeria should be a destination for the celebration of cinematic excellence, not just talking about us being the world’s second largest film producer,” the NFC president stated.
The MoU was signed on Thursday by Maduekwe and the Minister of State (FCT), Ramatu Aliyu, who was represented by the FCT Permanent Secretary, Mr Olusade Adesola, according to the statement.
Aliyu recalled that the MoU proposal was presented to the FCTA in 2019, with the festival set to take place in 2020.
“Due to the COVID-19 pandemic, talks were stalled, and the event could not be held in 2020,” he was quoted as saying.
He expressed his delight that the proposal was later fine-tuned and approved jointly by the FCT Minister, Alhaji Mohammed Bello, and himself.
According to NAN, the festival, with the theme “Show the Money,” which was originally scheduled to take place from December 1 to December 7, will now hold between April 2 and April 9, 2022.