Creative Industry: BoI secures N300m loan for Nigeria’s sector

Creative Industry: BoI secures N300m loan for Nigeria's sector

The Bank of Industry(BoI), in partnership with the National Council for Arts and Culture, has secured a N300 Million loan for Nigerian creatives.

Vice President Yemi Osinbajo made the announcement in a statement by his media aide, Laolu Akande, in Abuja, after the Vice President attended the opening of the Ogidi Studios a Lagos-based world-class creative complex, hosting recording, film production, animation, and writing studios, owned by the Temple Company.

According to the statement, “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.

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“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,” he added.

About the studio

Osinbajo said that studios like Ogidi would bring world-class video and sound production capacity to Nigeria, citing that stars from around 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”

“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,” he added.

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