DMBs approve loan for ICT, entertainment industries
The Central Bank of Nigeria, CBN, has agreed to provide new credit facility at single-digit interest for the creative sector so as to drive job creation in the sector.
The Bankers Committee of the CBN said the decision to support the creative industry was born out of the conviction that the sector holds the key to job creation, poverty reduction and inclusive growth.
Briefing newsmen at the end of the 342nd meeting of the committee, the Director, Banking Supervision Department, CBN, Ahmed Abdullahi, said the committee was implementing programmes aimed at improving access to finance and reduce the level of poverty in the country.
Speaking further on the initiative, Managing Director, Access Bank Plc, Herbert Wigwe, said that the committee had identified four key focal areas under the creative sector to channel more funding at a single-digit interest rate.
Areas to benefit from the funding include movie, music, fashion and information technology.
He said one of the major objective of the committee in adopting the initiative was to use the sectors to make Nigeria a major tourist destination in the world.
The Access Bank MD said the banks had agreed that the sectors would be given all the needed support both financially and technically to generate jobs, create wealth and stimulate economic growth.
He said that the banks would develop the right infrastructure and shared facilities to support the sector.
Wigwe also stated that technology hubs would be developed to support Nigerians who had business ideas to pursue in the IT sector.
He said the Bankers Committee would, before the beginning of the second quarter, start implementing the initiatives with collaboration from international institutions.
He said, “The Bankers Committee after a lot of research identified the creative and IT sector as a critical sector to support social and inclusive growth in Nigeria.
“We’ve basically found out that the sector would generate a significant amount of employment given how Nigerians involved in the creative sector have done well in music and others.”