Take advantage of the N300m BoI loan - Osinbajo urges creatives

Vice President of Nigeria, Professor Yemi Osinbajo has advised Nigeria's creatives to take advantage of the N300 million loan package secured for them.

Osinbajo furthered revealed that the loan was secured by the Bank of Industry (BoI) and the National Council for Arts and Culture.

According to a statement by the Vice President's spokesman, Laolu Akande;

“Last year, the federal government handed over the control of the National Theatre to the Central Bank of Nigeria and the Bankers’ Committee,” Osinbajo was quoted to have said at the opening of Ogidi Studios on Sunday.

“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.

He further revealed;

“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.

“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.

“With the Ogidi Studios, Nigeria now operates on the same level of sound and video technology with major global players.
“Now the stars, not just Nigerian stars, but from all over 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, can take place under one roof, at the Ogidi Studios.

“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.”

Osinbajo noted that the creative industry has been playing its part in attracting foreign investment to the country while making reference to Netflix and Universal Music group.

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