To enhance and make the creative and entertainment industry more vibrant and productive, the Central Bank of Nigeria and the Deposit Money Banks have disclosed their plans to boost these industries with N22bn.
This development was made public by the CBN Governor, Godwin Emefiele, on Monday during the Creative Nigeria Summit in Lagos.
Making reference to the National Theatre at Iganmu in Lagos, there is a plan to make it a vibrant tourist centre, as the apex bank would soon release N22bn to the creative industry.
According to the CBN Governor, the banks are expected to officially inaugurate the project on Wednesday; as there is a new drive to support the creative arts, since it has areas to attract funds which include movie, music, fashion, and the Information Communications Technology.
Emefiele speaking further said, this was part of the banking sector’s efforts to harness the innovative and creative energy of the youths, towards enabling them to create productive ventures that would support improved wealth and job creation in Nigeria.
He said, “Using the Agri-Business/Small and Medium Enterprises Investment Scheme fund, through which the banks set aside, on an annual basis, five per cent of their profit after tax, our goal is to support start-ups and existing businesses in the creative industry space.
“So far, the CBN and the Bankers Committee intend to support this creative venture with N22bn of initial funds. Part of our efforts in the music and movie industry will be to support young entrepreneurs in the development of digital content at the park.”