Nigeria’s film industry continues to create opportunities for producers with compelling stories, experienced production teams, and the ambition to reach audiences beyond the country. Turning a promising script into a commercially successful movie, however, requires money for casting, equipment, locations, editing, marketing, and distribution, which can put considerable pressure on filmmakers trying to bring their projects to life.
The Bank of Industry’s NollyFund offers a financing route worth examining, particularly for established Nigerian production companies preparing commercially viable films. The programme was introduced in 2015 with a funding structure that allowed eligible borrowers to seek up to ₦50 million for movie production, subject to the bank’s assessment and approval. Its requirements also placed considerable emphasis on the quality of a proposed film, the producer’s experience and the arrangements made to distribute the finished work.
With Nigerian filmmakers continuing to explore financing options in 2026, NollyFund deserves a closer look. Its original conditions explain the kind of production companies the facility was designed to support, the financial commitments applicants were expected to make and the role distributors could play in securing financing. However, prospective applicants need to establish whether the programme is currently accepting applications before making financial plans around it.
What Is BOI NollyFund 2026?
NollyFund is a specialised film production financing initiative established by the Bank of Industry, a Nigerian development finance institution that supports businesses across different sectors of the economy. The programme was designed to improve access to funding for established movie producers and strengthen the commercial capacity of Nigeria’s creative industry by helping viable film projects move from development into production and distribution.
BOI introduced the initiative on April 24, 2015, with an original programme limit of ₦1 billion and a maximum individual financing amount of ₦50 million. The facility was intended to support commercially viable Nigerian films with the potential to attract audiences locally and internationally, while encouraging a more structured approach to film production and revenue generation.
Unlike a cash award that a beneficiary can spend without repayment obligations, NollyFund was established as a loan facility. Applicants were expected to present a credible project, demonstrate production experience and satisfy the bank’s financing conditions before receiving approval. The proposed film’s commercial prospects, production budget and distribution arrangements were part of the considerations associated with the programme.
The initiative also recognised that film financing involves more than paying actors and renting equipment. A production needs a workable budget, a capable team, a realistic schedule and a plan for reaching paying audiences. These considerations formed part of the reasoning behind BOI’s original approach to assessing applications.
How Much Can Filmmakers Receive?
Under the original NollyFund structure, eligible applicants could seek financing of up to ₦50 million per borrower, while the overall programme had a stated limit of ₦1 billion. The individual maximum was intended to help qualifying production companies finance substantial projects, although the amount approved for any particular applicant depended on the bank’s assessment and the applicable terms.
A filmmaker planning to produce a movie with a budget of ₦20 million, for example, would need to present a budget supported by realistic production costs and a convincing commercial plan. The existence of a ₦50 million historical maximum does not mean that the bank would automatically approve the requested amount, cover every expense or finance a project without examining the applicant’s financial position.
The original programme limit also represented the overall financing capacity announced for the initiative rather than a single award available to one producer. Multiple projects could potentially benefit from the facility, depending on their eligibility, credit assessments and the funds available under the programme.
Anyone preparing an application in 2026 should treat the ₦50 million figure as a historical maximum until BOI confirms the current limit. A filmmaker should also establish whether the bank has revised its funding structure, introduced new eligibility conditions or replaced the original product with another financing arrangement.
Who Can Apply for NollyFund?
BOI’s original announcement identified companies engaged in film production as the intended beneficiaries. This means the programme was designed around businesses capable of developing and delivering movie projects rather than individuals seeking unrestricted personal financial assistance.
A registered film production company with a clear project proposal would therefore be better positioned to investigate the facility than an aspiring filmmaker approaching the bank with only an idea. Company registration alone, however, would not establish eligibility, because the original programme also required evidence of production experience, a commercially viable script and suitable distribution arrangements.
Applicants were expected to demonstrate a track record of successful productions. Previous projects could help establish that a company understood the practical demands of filmmaking, including budgeting, managing cast and crew, coordinating production schedules and delivering a completed movie.
The proposed film also needed to demonstrate commercial potential. A strong script would need to be accompanied by a realistic production budget and a credible explanation of how the finished movie could generate revenue through cinema releases, distribution agreements or other suitable channels.
BOI’s original requirements included securing a reputable film distributor capable of providing a Minimum Guarantee. Applicants were also expected to provide a cash deposit equivalent to 5% of the loan amount. These conditions formed part of the original programme and should be reconfirmed with the bank before anyone assumes they remain unchanged in 2026.
Why a Film Distributor Is Required
Distribution is a major consideration in commercial filmmaking because completing a movie does not automatically guarantee that it will reach paying audiences. Producers need arrangements that can help their films secure access to suitable markets, whether through cinemas, television, streaming platforms or other distribution channels.
NollyFund’s original structure placed emphasis on the involvement of a reputable distributor willing to provide a Minimum Guarantee. Under the programme’s description, this arrangement involved an advance payable by a distributor to a producer in exchange for agreed distribution rights over specified territories or platforms.
A Minimum Guarantee can provide evidence that a distributor sees commercial potential in a project and is willing to enter into a financial arrangement around its distribution. The precise amount, payment conditions, rights granted and territory covered depend on the agreement between the parties, so producers need to examine the contract carefully before signing.
Securing such an arrangement may require a filmmaker to approach established distribution companies with a well developed script, an appropriate budget and information about the production team. A distributor will need sufficient details to assess the project, its potential audience and the commercial terms being proposed.
Producers should also understand that a distribution agreement does not automatically guarantee that a film will become profitable. The agreement must be commercially reasonable, and its conditions should be assessed alongside production costs, marketing expenses and the repayment obligations attached to any loan.
Original Interest Rates, Fees, Repayment Conditions
BOI published financing terms for NollyFund in November 2015, outlining the interest rate, applicable fees, repayment period and moratorium. These figures provide a historical reference for understanding the facility, but they should not be treated as confirmed pricing for a fresh application in October 2026.
The published interest rate was 10% per annum, payable monthly. The original terms also included a processing fee of 1%, payable upon approval, and a commitment fee of 1%, payable upon acceptance of the loan. A monitoring fee of 0.125% quarterly on the outstanding principal was also listed.
The original repayment structure included a 6 month moratorium from disbursement, with an option for an additional 3 months. The maximum repayment period was stated as 1 year commencing at the end of the moratorium period. These conditions would have affected the timing of repayments and the amount of revenue a production company needed to generate after receiving financing.
A moratorium provides a period before scheduled principal repayment begins, subject to the terms of the financing agreement. It should not be interpreted as permission to ignore interest, fees or other obligations that may remain payable during that period. Applicants need to confirm precisely how the bank treats each charge under any current offer.
Before accepting financing, a production company should request a written breakdown showing the approved amount, interest rate, fees, repayment dates, moratorium conditions and total expected repayment. This would help the producer compare the cost of borrowing with the project’s realistic revenue prospects and avoid committing to repayments the film may struggle to support.
How to Prepare a NollyFund Application
A filmmaker interested in NollyFund should begin by confirming whether BOI is accepting new applications under the original programme or a successor financing product. This initial step is necessary because the original terms were published several years ago, and the current status of the specific facility needs direct confirmation from the bank.
The next stage is to organise the production company’s documents and develop a project proposal that clearly explains the film, its estimated cost and its commercial potential. A proposal should provide enough information for a financing institution to understand the project’s objectives, the people responsible for delivering it and the proposed route to distribution.
Step 1: Prepare the film script and budget. The script should be sufficiently developed for assessment, while the budget should account for major expenses such as cast payments, crew salaries, equipment, locations, production design, transport, editing, sound, visual effects and other post production requirements. The figures should be realistic and supported by a workable production schedule.
Step 2: Document the company’s production history. The applicant should organise information about previous films, completed projects and relevant professional experience. This material can help demonstrate the company’s ability to manage a production, deliver the finished work and handle the responsibilities associated with borrowing.
Step 3: Develop the commercial plan. The company should explain the intended audience, distribution strategy and likely sources of revenue. Where possible, the proposal should be supported by credible information about distribution interest, projected release arrangements and the commercial assumptions used to estimate potential earnings.
Step 4: Approach a suitable distributor. Under the original terms, applicants were expected to secure a reputable distributor capable of issuing a Minimum Guarantee. Producers should establish whether a suitable agreement can be negotiated and ensure they understand the rights being offered before entering into a binding contract.
Step 5: Confirm the required financial contribution. BOI’s original programme required a deposit equivalent to 5% of the loan amount. For a hypothetical ₦20 million loan, 5% would amount to ₦1 million. This calculation illustrates the historical requirement only, and applicants should confirm the current deposit rules, payment arrangements and any additional financial commitments directly with BOI.
Step 6: Contact BOI about the application channel. Applicants should ask whether NollyFund remains active, which department handles the facility and whether submissions are made through the bank’s online portal or another designated channel. They should also request the current application checklist and any relevant forms.
Step 7: Complete the bank’s assessment process. BOI’s original description included technical assessment of the proposed script and budget, followed by credit appraisal and approval procedures. Applicants should be prepared to provide additional information if requested and should not assume that submitting a complete application guarantees approval.
Step 8: Review the offer before accepting it. If financing is approved, the company should examine the agreement, applicable charges, repayment schedule and conditions for disbursement. Under the original process, funds could be released in phases according to agreed milestones, so the applicant should understand when each portion would become available and which conditions must be met.
Films Previously Supported Through NollyFund
BOI has publicly documented film productions supported through the NollyFund initiative, demonstrating that the programme operated as a financing facility for actual Nigerian movie projects. A July 12, 2017 report about a visit to the set of Roberta identified the production as a beneficiary and named other films associated with the scheme.
The productions included October 1, associated with filmmaker Kunle Afolayan, Three Wise Men, associated with filmmaker Opa Williams, Isoken, associated with filmmaker Jade Osiberu, and Roberta, produced by Steph Nora Okere. These examples provide a historical picture of the kinds of professional film projects connected with the facility.
Their inclusion in BOI’s documentation is useful for producers seeking to understand the programme’s original purpose. The projects demonstrate the fund’s connection with commercial filmmaking and established industry practitioners, rather than a structure intended to distribute unrestricted cash to anyone interested in entertainment.
However, previous beneficiaries should not be interpreted as a guarantee that similar projects will qualify under current conditions. Each application would still need to satisfy the applicable requirements, and BOI would need to confirm whether the original NollyFund product remains available for new financing requests.
Is NollyFund Open in October 2026?
The current application status is one of the most important details filmmakers need to establish before investing time and money in preparing a proposal. A funding directory called Ona Funds listed NollyFund as accepting applications on a rolling basis in October 2026, suggesting that it had no fixed application deadline.
However, that third party listing is not sufficient on its own to establish that BOI is actively processing new applications under the original programme. The listing also indicated that the original BOI application page was unavailable, making direct confirmation from the bank particularly important.
BOI launched its MyBOI online portal on October 2, 2026, to provide access to applicable financing facilities and digital application services. The launch provides a route for prospective borrowers to investigate available products, but the existence of the portal does not establish that NollyFund is currently open or available through that channel.
Filmmakers should contact BOI through its official website and ask whether fresh NollyFund applications are being accepted as of October 12, 2026. They should also establish whether the historical maximum loan of ₦50 million, the 5% deposit, the interest rate and the original repayment conditions remain applicable or have been revised.
Where the original facility is no longer accepting applications, producers can ask BOI about other financing options suited to film production or creative industry businesses. Any alternative should be assessed on its own eligibility rules, pricing, funding limits and repayment requirements rather than assumed to operate under NollyFund’s historical conditions.
Important Warning for Prospective Applicants
NollyFund should not be presented as a free ₦50 million grant. Its original structure was a loan facility, meaning beneficiaries were expected to repay the money under agreed conditions and meet the applicable financing charges. The maximum amount was also subject to eligibility, project assessment and approval rather than an automatic entitlement for every filmmaker.
Applicants should be cautious about intermediaries who promise guaranteed approval, demand unofficial payments or claim to have access to reserved funds without verifiable authorisation. All application instructions, financial contributions and fees should be confirmed through official BOI channels, and any approved financing offer should be reviewed carefully before money is paid or contractual commitments are made.
Filmmakers should also avoid making production commitments based solely on the assumption that a funding directory’s rolling application status reflects BOI’s current position. Confirming availability first can help companies avoid unnecessary expenses and focus their efforts on financing routes that are genuinely open to them.
What Filmmakers Should Know Before Applying
NollyFund remains a documented part of BOI’s support for the Nigerian film industry, with an original programme limit of ₦1 billion and historical individual financing of up to ₦50 million. Its original requirements placed emphasis on registered production companies, commercially viable scripts, successful production experience, distributor involvement and a financial contribution from the borrower.
The programme’s historical terms also show why filmmakers need to consider the full cost of financing before proceeding. Interest, processing fees, commitment fees, monitoring charges and repayment obligations can affect a production company’s finances, particularly when revenue depends on distribution arrangements and audience performance after the film is completed.
As of October 12, 2026, the key outstanding issue is whether BOI is accepting new applications under NollyFund and whether the original terms remain in force. Producers should obtain that confirmation directly from the bank, request the current requirements in writing and compare the cost of financing with the realistic earning potential of their proposed films before committing to a loan.
