Interrogating Nollywood and its Sources of Funding: The Case of Invasion 1897
The problem of funding continues to haunt start-ups in Africa and there seems to be no respite in sight as the government and other institutions with the requisite capacity to support entrepreneurial efforts are not committed to the course. Given this set back, Nigeria's Nollywood is encumbered by the problem of accessing sustainable funding sources for a vibrant entertainment and hospitality business where funding, which catalyses the efforts of independent producers, is hard to come by. In this way, inadequacy of internal funds by owners of independent production outfits leaves them constrained and unable to express their ideas to the fullest in terms of artistic dynamism and technical verve. Whilst debt funding and equity are other sources of funding available to production outfits, in the case of Nollywood where personal transactions are preferred instead of contracts and corporate entities limit the extent of professional dedication and commitment to each film project. Grounding this article on the pecking order theory, funding sources are interrogated by evaluating Invasion 1897 and Lancelot Oduwa Imasuen's recourse to funding sources through the interview method. The article submits that sustainable sources of funding are obviously lacking on the Nollywood scape, making it difficult for indigenous producers to carry out their prospects of filmmaking. To forestall a breakdown of production apparatuses, the independent producers and corporate film outfits are encouraged to forge a synergy both within and outside the shores of Nigeria for greater productivity.
Keywords: Funding sources, Nollywood, Productions, Informal economy,