Due to Naira depreciation, the cost of film production has doubled.
The Association of Movie Practitioners (AMPRAC) has lamented about the rising cost of filmmaking, due to the current economic hardship in Nigeria.
During an interview with the News Agency of Nigeria, the National President of AMPRAC, Ifeanyi Azodo, said the cost of filmmaking has doubled due to the devaluation of the Naira.
“As at a year ago, a film could be produced with as low as ₦4.5 million but now you’ll need as much as ₦10 million, and due to this development, producers no longer engage actors and all as much as before,” Azodo said.
The president mentioned that movie practitioner are diversifying into other businesses so as to remain in the filmmaking business.
“To be factual, the entire situation is worrisome and we are all losing interest in filmmaking.
“Actors who receive ₦400,000 as their fee for each film produced now charge as high as one million Naira. This development cuts across all movie genres – Igbo, Hausa and Yoruba.
“Producers, directors, set designers, cinematographers and everyone involved in the value chain of filmmaking are now looking into alternative route,” he added.
Azodo called on the government to take action in ensuring economic stability as parts of solutions to the hardship.
“Government needs to come to our aid, we should be encouraged in ways that provisions should be made for filmmakers to gain easy access to soft loans.
“Corporate organisations should also come in. This is a money spinning industry that should be assisted to boost our economy,” he concluded.
