Banks To Provide Single-Digit Loans To Entertainment Sector

The Bankers Committee of the Central Bank of Nigeria, on Thursday, agreed to allow Practitioners in the Nigerian entertainment industry access single-digit loans from banks across the country.

This was disclosed by managing director of Access Bank, Herbert Wigwe, who said that Financial institution under the supervision of the CBN have devoted N200 billion to support interested parties that have their primary business in the entertainment industry.

Wigwe further stated that the initiative would have flexible collateral conditions and can be repaid for a maximum of 10 years.

“They are reflective of the fact that in this specific industry, what is required is long-term financing at single digit funding and for collateral which is flexible,” he said.

“It is a big initiative which will do a couple of things for our country.

“As a starting point, it will lead to about 300, 000 employment in five years time.

“It will lead to a significant accumulation of foreign exchange and significant savings.”