Creative Industry To Get N300m Loan From BoI, NCAC Collaboration

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The federal government announced a partnership between the Bank of Industry (BoI) and the National Council for Arts and Culture (NCAC), with the latter getting a N300m loan to support Nigeria’s creative industry.

This disclosure was made by Laolu Akande spokesperson of the Vice President of Nigeria, Yemi Osinbajo in Abuja, following Osinbajo’s appearance at the unveiling of Ogidi Studios – an all-encompassing entertainment hub based in Lagos.

The statement read, “Last year, the Federal Government handed over the control of the National Theatre to the Central Bank of Nigeria and the Bankers’ Committee.

“The Bankers’ Committee has committed to an investment of N25 billion, as initial funding for the development of the Nigeria Creative Centre at the National Theatre, Lagos.

“The sector will receive support from the Central Bank of Nigeria’s Creative Industry Funds Initiative, an initiative that gives financial support to the technology and creative sector at single-digit interest rates.

“The Bank of Industry, in collaboration with the National Council for Arts and Culture, has also secured a N300 million loan package for the creative sector, the package provides the funds to the sector at single-digit interest rates with a tenor of four to five years.

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

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