NFC Urges Insurance Industry To Unlock Nigeria’s Film Investment Ecosystem

By Ovio Peters

The Managing Director and Chief Executive of the Nigerian Film Corporation (NFC), Ali Nuhu, called on insurance and risk management institutions to develop specialised insurance products for Nigeria’s film and content creation industry during the Insurtainment-Industry Policy Forum held on July 14, 2026, at the Marriott Hotel, Ikeja, Lagos. Represented by Brian Etuk, Director of Public Affairs, Nuhu urged insurers, government institutions, filmmakers, development finance partners and industry associations to establish policy frameworks that integrate insurance into film production, strengthen investor confidence and support the sustainable growth of Nigeria’s creative economy.

DECISION HIGHLIGHT

The NFC is reframing insurance from a compliance requirement into critical investment infrastructure for Nigeria’s creative economy.

DECISION MEMO

The significance of the initiative lies in its recognition that Nigeria’s film industry’s principal financing challenge extends beyond capital availability to inadequate risk mitigation. As global investors, streaming platforms and development finance institutions increasingly price risk into investment decisions, insurance is becoming a prerequisite for attracting long-term funding.

Highlighting this structural gap, Nuhu said that the industry was “long overdue to be assisted to further grow, through the emplacement of policy frameworks that will enable filmmakers, content creators and practitioners seamlessly benefit from the services of insurance and risk management institutions.”

He argued that sustainable creative industries require stronger risk governance, noting that “the management of risk remained one of the greatest concerns that sits at the very heart of building a sustainable creative economy,” and urged stakeholders to move beyond policy discussions towards practical insurance solutions that support film production.

Nuhu observed that while Nigerian filmmakers had built a globally recognised industry through “passion, talent, and grit,” the sector had reached a stage where “passion alone was no longer enough.” He warned that the absence of structured risk protection creates consequences extending beyond financial losses, including “business deals, job losses and stalled dreams.”

He further argued that investment decisions are increasingly influenced by the availability of insurance and risk management structures, stating that funding opportunities from development finance institutions, streaming platforms and international co-production partners are becoming “heavily skewed towards the availability of risk protection measures, including insurance.”

According to Nuhu, the industry now requires specialised insurance products covering cast, crew, production equipment, film sets and locations, alongside completion bonds that protect financiers and errors and omissions insurance that safeguards distribution. He stressed that “the entire content production ecosystem needs affordable, accessible micro-policies for our independent and emerging stakeholders and practitioners,” adding that the sector requires “insurance and risk management structure that understands a call sheet, a shooting schedule, a film budget, exhibition, marketing and distribution.”

DATA BOX

• Event: Insurtainment-Industry Policy Forum
• Date: July 14, 2026
• Venue: Marriott Hotel, Ikeja, Lagos
• Convener: Nigerian Film Corporation
• Strategic focus: Film insurance and risk management
• Proposed insurance products:
  • Cast and crew insurance
  • Equipment, set and location insurance
  • Completion bonds
  • Errors and omissions insurance
  • Micro-insurance for independent filmmakers
• Target beneficiaries:
  • Film producers
  • Content creators
  • Production companies
  • Investors
  • Streaming and distribution partners

WHO WINS / WHO LOSES

Wins

• Film producers and content creators through improved risk protection.
• Investors, lenders and development finance institutions through stronger project security.
• Insurance companies developing specialised creative economy products.
• Nigeria’s creative economy through improved investment readiness.

Loses

• Informal production practices lacking structured risk management.
• Projects unable to meet international financing and distribution standards.

POLICY SIGNALS

The NFC is advocating a policy framework that embeds insurance into the creative economy, signalling a shift towards institutional risk management as a prerequisite for industry growth and investment mobilisation.

INVESTOR SIGNAL

Specialised insurance products and completion guarantees could improve the bankability of Nigerian film projects, expand access to domestic and international finance, strengthen co-production opportunities and increase investor confidence across the creative value chain.

RISK RADAR

Progress will depend on insurers’ willingness to design affordable sector-specific products, regulatory support, industry adoption, premium affordability and sustained collaboration between filmmakers, financial institutions and government. Without these conditions, insurance penetration within the creative sector is likely to remain limited despite growing investment demand.