Afreximbank, Silverbird sign deal to build world-class film, studio complex

…to harness Nigeria’s $6.4bn, Africa’s $20bn film, creative industry potential

African Export-Import Bank (Afreximbank) and the Silverbird Group, a Nigerian entertainment company, have signed a partnership agreement on the sidelines of the Africa Investment Forum (AIF) to build West Africa’s largest and most modern educational and film studio complex in Lagos, Nigeria.

The project, to be known as Ben Murray-Bruce Studios and Film Academy (BMB Studios and Film Academy), will transform a 32,725-square metre land area in Eko Atlantic City into two purpose-built sound stages, a digital hub with music and broadcast studios, editing bays, screening rooms, studio backlot, production offices and a film academy designed to meet the aspirations of today’s and tomorrow’s content creators.

The project seeks to accelerate Africa’s lucrative film and television industries, attract large-scale international productions to Africa, and establish a creativity cluster which will draw in companies and talents working in similar and related sectors. The project will also increase local employment, stimulate business growth, and equip African talents with world-class technical skills and experience in film and television production through the establishment of a film academy.

The partnership was signed by Helen Brume, Afreximbank’s director of project & asset-based finance, and Ben Murray-Bruce, founder of the Silverbird Group.

Afreximbank said the development of the BMB Studios and Film Academy is in line with its Creative Africa Nexus (CANEX) initiative, a programme established by the Bank to support Africa’s creative and cultural industry. Recognising the bankability of Africa’s creative industry, the CANEX programme is designed for African creatives and digital innovators and experts.

CANEX also supports fashion, film, musicians and actors who aim to monetise their content across the digital landscape. The construction of the studios will accelerate the development of talent, enhance content creation, while supporting and encouraging African creatives to use the world class technology to increase their remuneration and thrive in their careers.

The Film Academy will offer domestic and international students the opportunity to achieve world-class, digital-first, future-forward experiential learning in a wide range of film production disciplines such as cinematography, directing, filmmaking, gaming, music, post-production techniques, producing, screenwriting, VFX and animation.

Kanayo Awani, Afreximbank’s executive vice president, Intra African Trade Bank, described thedeal as of utmost importance for the significant support it provides to Africa’s burgeoning film industry, as well as, especially because of the studio’s multipurpose potential to serve a range of sectors in the creative industries, from music and film to gaming and virtual reality.

“At Afreximbank, we recognise the power of Africa’s youth and creative talents to catalyse Africa’s trade, create millions of jobs and promote the emergence of national and regional value chains. This industry is bankable, and we aim to support its growth, expansion, and sustainability,” Awani said.

Ben Murray-Bruce, founder of Nigeria’s Silverbird Group, said the BMB Studios and Film Academy is a response to Africa’s need for world-class technical skills and facilities that will accelerate the growth of its creative industries sector.

“From Netflix to Madison Square Gardens in New York, audiences are revelling in the magic of African storytelling. Now more than ever does the African continent need the world-class technical skills and facilities that will propel our creative industries to the next level,” Murray-Bruce said.

“The BMB Studios and Film Academy is a response to this need and one that I believe will be a catalyst to driving agility, expertise and innovation in the African film and television industries,” he said.

David Howell, chief executive officer of MetFilm School, the education partners of the project, said MetFilm School was delighted to work with Silverbird on the exciting project. He said the company’s mission will be to inspire a new generation of creative screen professionals, educating them in the new world of storytelling across all screen types.

“Our partnership with the BMB Studios and Film Academy will open opportunities to a new audience of future filmmakers and screen professionals,” Howell said.

Creative industry analysts believe the incoming BMB Studios project is also expected to harness Nigeria’s burgeoning $6.4 billion and Africa’s $20 billion film and creative industry potential. With a glittering return for Nigeria’s economy, Nollywood, the Nigerian iconic film industry, is the second largest film sector globally. It is also Africa’s number one film industry in terms of value, number of annual films, revenue and popularity. Nigeria’s Nollywood produces around 2,500 films annually.

On a continental scale, the United Nations Educational, Scientific and Cultural Organisation (UNESCO) said the Pan-African Federation of Filmmakers (FEPACI) industry generates $5 billion in annual revenue out of a potential $20 billion.