FG Extends N300 Million Loan Package To Creative Sector

Nigeria's creative sector to benefit from N300m loan package, says Osinbajo  - Vanguard News

Richard Ginika Izuora

The Federal Government has said that it has provided a N300 million loan support to boost the creative sector.

Vice President Yemi Osinbajo who made the disclosure said this was made possible by the Bank of Industry(BoI), in collaboration with the National Council for Arts and Culture.

Laolu Akande, spokesman for Osinbajo in a statement, said the Vice President disclosed this at the opening of Ogidi Studios; a Lagos-based world-class creative complex; hosting recording; film production and also animation, as well as writing studios, owned by the Temple Company

Osinbajo said that in recognition of the strategic importance of the entertainment and creative sector in growing the economy; the Federal Government, had introduced several initiatives to harness the abundant potentials in the country.

“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.”

Osinbajo said that the creative sector as well as other sectors; had been positioned to benefit from the deliberate efforts of the Federal Government.

“But perhaps more importantly, with the Ogidi Studios; Nigeria now operates on the same level of sound as well as video technology with major global players.

”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; video making; and editing, can take place under one roof, at the 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 production; creative talent and services; as well as a major economic opening for business in Nigeria.”


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