Nigerian Government to Invest in Creative Industry via Local Banks

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The Bankers Committee of the Central Bank of Nigeria on Thursday said it was set to commence the disbursement of funds under the Creative Industry Financing Initiative

The decision to commence the disbursement of funds under the initiative was made at the end of the committee’s meeting held at the CBN headquarters in Abuja, Punch Newspaper reported this week.

The CBN had stated that under the CIFI loan initiative, beneficiaries could get up to N500m loans at nine per cent interest rate.

It noted that the creative industries that could apply were fashion, Information Technology, movie production, movie distribution, music and software engineering student loan.

Addressing journalists shortly after the meeting, the Director, Banking Supervision Department, CBN, Mr Ahmed Abdullahi, said that the decision to support the creative industry was borne out of the committee’s conviction that the sector held the key to job creation, poverty reduction and inclusive growth.

He was accompanied to the media briefing by the Managing Director, FBN Quest Merchant Bank, Kayode Akinkugbe;  MD, Ecobank, Patrick Akinwuntan; MD, FSDH Merchant Bank, Hamda Ambah;  Citibank MD, Akin Dawodu; and Director of Corporate Communications at the apex bank, Isaac Okorafor.

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