The Central Bank of Nigeria (CBN) has disclosed it has earmarked the sum of N25 billion towards the growth and development of Nigeria’s creative industry.
The sum, according to management of the apex bank is to be deployed as empowerment loans to youths and key operators in the creative sector as well as on the renovation and refurbishment of the National Arts Theater, Iganmu, in Lagos.
Director of Corporate Communications at the CBN, Mr Isaac Okarafor who made this disclosure recently explained that the said fund is to be raised from 5 percent after tax of banks which had been set aside under the Agric Business Small and Medium Enterprise Scheme.
According to him, the project execution would be jointly coordinated and supervised by Central Bank in conjunction with the Bankers Committee, adding that the renovation project of the National Arts Theater was recently handed over to the Bankers committee during a colorful event that held in Lagos.
Giving further details on guidelines on the creative sector developmental project, Okoroafor pointed out that operators in the sector engaged software development would be entitled to obtaining loan facility of up to N3 million for maximum period of 3 years.
He added that while those in basic production segment would be eligible to obtain loans of up to N30 million over a period of 10 years while operators in would be distribution segments would be eligible to obtain loans of as much as N500 million for a period of 10 years, adding that the loans would attract maximum interest of not higher than 9% or less.
“We have set up a fund worth N25 billion, that will be used to finance not just the youths themselves, but also to provide the kind of environment at the National Arts Theater and across the country that will bring youths together and provide them the kind of platform to be able to do their jobs, do their creativity and contribute to what will make this country stand out”.
“the National Arts Theater and its eventual handover to the bankers committee is just a culmination of efforts at trying to put together this program, so that the country can benefit from it, that’s why we are doing that, and to also further extend it from the would be after tax of all the banks in Nigeria”
He stated that aside from the existing structures at the National Arts Theater, the renovation project will also involve modeling of the entire building into a tourist community that will house among other things, an IT hall, a music academy as we as films and fashion centers.
