CBN Plans Single-Digit Interest Rate Loans For Nigeria's Creative Sector
The Bankers Committee of the Central Bank of Nigeria, CBN on Thursday agreed to provide more funding for the development of the creative sector of the economy.
The creative economy comprises advertising, architecture, art, crafts, design, fashion, film, music. Others include performing arts, publishing, R&D, software, toys and games, TV and radio.
The decision was made at the end of the committee’s meeting held at the CBN headquarters in Abuja.
Present at the meeting were chief executives of all the Deposit Money Banks in Nigeria as well as other top officials of the apex bank.
Addressing journalists shortly after the meeting, the Director, Banking Supervision Department, CBN, Ahmed Abdullahi, said that the decision to support the creative industry was borne out of the committee’s conviction that the sector held the key to job creation, poverty reduction and inclusive growth.
Abdullahi said the committee was implementing programmes aimed at improving access to finance and reducing the level of poverty in the country.
Speaking further on the initiative, Access Bank CEO, 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.
According to him, the areas are movie, music, fashion and information technology.
He said one of the major objectives of the committee in adopting the initiative was to use the sectors to make Nigeria a major tourist destination in the world.
He 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.
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