THE CBN’s CREATIVE INDUSTRY FINANCING INITIATIVE: The Banking Sector Does Not Yet Understand The…
It has been recently reported that the Bankers Committee has decided that the Central Bank of Nigeria (CBN) offer support the Nigerian…
It has been recently reported that the Bankers Committee has decided that the Central Bank of Nigeria (CBN) will offer support to the Nigerian creative industries. This support, referred to as the Creative Industries Financing Initiative (CIFI), is aimed at providing concessionary financing to eligible businesses within the entertainment and information technology sectors through the commercial banks.
This initiative compliments the Federal Government policy of intervention in the creative industries by providing funding support to same. Prior initiatives have been implemented through the Bank of Industry — such as the Fashion Fund and NollyFund programmes - with an aggregate value of N3b. The CIFI programme is to the tune N200b, putting into perspective the potentially far reaching effects it could have on output and consumption of Nigerian creative products/services domestically, continentally and globally.
This initiative is therefore very much welcome as it is widely agreed that fun…