Banks begin disbursement of creative industry intervention fund

The Bankers Committee of the Central Bank of Nigeria on Thursday said it is set to commence the disbursement of funds under the Creative Industry Financing Initiative.

The decision to commence the disbursement of funds under the initiative 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.

The CBN had stated that under the CIFI loan initiative, beneficiaries could get up to N500m loans at nine per cent interest rate.

CBN noted that the entrepreneurs that could apply include those involved in Fashion Designing, Information Technology, Movie production, Movie distribution, Music and Software engineering.

Addressing journalists shortly after the meeting, the Director, Banking Supervision Department, CBN, Mr Ahmed Abdullahi, said that the decision to support the creative industry was borne out of the committee’s conviction that the sector holds the key to job creation, poverty reduction and inclusive growth.

He was accompanied to the media briefing by the Managing Director, FSDH Quest Merchant Bank, Kayode Akinkugbe, MD Ecobank, Patrick Akinwuntan, MD FSDH Merchant Bank, Hamda Ambah, Citibank MD, Akin Dawodu and Director of Corporate Communications at the apex bank, Isaac Okorafor.

Other issues discussed at the meeting include consumer lending, mortgage financing and the need to encourage the culture of savings among Nigerians.

Providing more insights into the outcome of the meeting, Kayode urged interested applicants in the creative industry to submit applications to their banks for approval and disbursement.

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