CBN Funding To Creative Industry Hits N5bn– Emefiele

The Central Bank of Nigeria has challenged youths to take loans from its Creative Industry Finance Fund which was set up as a revenue booster for the economy.

The fund was set up in 2020 in collaboration with banks to finance talented youths in the creative industry to establish their business.

Godwin Emefiele, the CBN Governor said in an event monitored by THE WHISTLER that N5bn has been disbursed through the fund.

Nigeria’s creative industry generates around $4.5bn annually, according to the Central Bank Governor.

“As we all know, accessing finance has been a big problem for most people who want to go into good business and with the support of the Central Bank of Nigeria creating the Creative Industry Finance Initiative, we have been able to unlock the potential of our youths to support the development of the creative sector in Nigeria.

“So far, close to about N5bn has been disbursed to support creative industry initiatives both in fashion, in films, television and in music in Nigeria and we hope that more and more of our youth can access this facility.

“This facility is a long-term loan with about two years moratorium and with interest rate not more than 9 per cent,” Emefiele said at the 2021 Arise Fashion Week.

He said the CBN’s interest to make the sector competitive has given industrial players the goodwill to take up loans at interest rates less than 30 per cent.

He said, “What you would find ordinarily, is that when you want to set up a business like this, people will tell you that it is not a high yield business that can be supported with loans of about 30 per cent or more.

“But with what we came about through the Creative Industry Finance Fund, young youths are able to access this credit to set up their business in fashion, in IT and in films at not more than nine per cent.

“And I would like to use this opportunity to encourage our youths to please just fold their sleeves and begin to access these funds, because it is available to make life good for you.”

Emefiele further revealed that the National Art Theatre in Lagos is costing the Bankers’ Committer $100m to rehabilitate.

According to the governor, the edifice which has 7500 capacity, will be fully functional in 2023.

Nigeria’s Bankers’ Committee is building four hubs around the National Art Theatre.

The hubs, according to the apex bank governor, are the fashion hub, music, film and the IT.