Nigeria gets N300m loan for creative industry

Nigeria’s Bank of Industry, in collaboration with the National Council for Arts and Culture, has secured a N300m loan for the country’s creative sector.

Vice President Yemi Osinbajo disclosed this at the opening of Ogidi Studios on Sunday through his spokesman, Laolu Akande.

“The BoI, in collaboration with the NCAC, has also secured a N300m loan package for the creative sector. The package provides the funds to the sector at single-digit interest rate with a tenor of four to five years,” he said.

The Vice President recalled that last year, the Federal Government handed over the control of the National Theatre to the Central Bank of Nigeria and the Bankers’ Committee.

He added, “The Bankers’ Committee has committed to an investment of N25bn, as initial funding for the development of the Nigeria Creative Centre at the National Theatre, Lagos.

“The sector will receive support from the CBN’s Creative Industry Funds Initiative, which gives financial support to the technology and creative sector at single-digit interest rates.”

According to Osinbajo, with Ogidi Studios, Nigeria operates on the same level of sound and video technology with major global players.

His words, “Now the stars, not just Nigerian stars, but from all over the world, have a place in Lagos that is as good as any studio they have ever recorded in. World-class script writing, music recording and video making can take place under one roof, at Ogidi Studios.

“The entire value chain in music and entertainment can now be local. So, we are at the cusp of a revolution in entertainment, creative talent and services, and a major economic opening for business in Nigeria.”

While commending the owners of the studio for raising the bar in the entertainment industry, Osinbajo added that local creative talents could fulfil their dreams through the facility.

Ehime Alex
Ehime Alex
Ehime Alex reports the Capital Market, Energy, and ICT. He is a skilled webmaster and digital media enthusiast.

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