From Kenneth Udeh, Abuja
With a view of boosting financial returns and economic growth, the United Kingdom and Nigeria have identified strongly the need and importance for countries to collaborate in the production of film contents.
They both agreed that such a move aside from increasing returns on investment will also improve film production, provide access to equipment, expertise, and promote the cultural identities, common heritage, values, and ethics across the globe.
According to their submissions such move can be achieved with the signing of Co production treaties through different financing models including Independent film studio films and SVOO platform films, types of financing including gap financing, pre sale lending, tax credit lending, completion bonds, collection arrangements, sales and distribution agreements.
The presentations were made on Thursday during a one day virtual seminar on the business of film, finance, distribution and co-production, organised by G.0. Sodipo & Co in partnership with the British Film Institute, the Nigerian Film Corporation, Bank of Industry and the Nigerian Broadcasting Commission (NBC).
In his presentation, Managing Director of the Nigeria Film Corporation, Dr. Chidia Maduekwe canvassed the need for co-production treaties between countries. He stated that aside from the inherent boost to domestic investment and economic impact on GDP, co-production treaties provide a robust diplomatic relationship window that connects its people, through culture and entertainment.
“Within the film business circle, co-production treaties globally bridge gaps between film producers from different countries. These, lately, are being achieved through impressive innovative processes and technologies. Not only are these being explored, governments are pushing for the development of co-production treaties because of the great financial and diplomatic opportunities inherent in the arrangement.”
Giving an explicit overview of the co-production treaty legal framework, Maduekwe explained that most international co-production treaties provide a legal framework that accommodates collaborative experience, opportunities that depict universal appeal, financing, distribution and exhibition templates as well as other protection, privileges and waivers.