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Bank of Industry secures N300 million loan for creative sector – Osinbajo

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Osinbajo
Vice President Yemi Osinbajo

Vice President Yemi Osinbajo has said that the Bank of Industry (BoI), in partnership with the National Council for Arts and Culture secured a N300 Million loan for Nigerian creatives,

Osinbajo disclosed this on Sunday, March 21, at the opening of the Ogidi Studios a Lagos-based world-class creative complex, hosting recording, film production, animation, and writing studios.

According to him, “Last year, the Federal Government handed over the control of the National Theatre to the Central Bank of Nigeria and the Bankers’ Committee.

” 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.

“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.”

Recently, Techeconomy.ng reported that Osinbajo said Nigeria was in need of $2.3tn over the next 30 years to address the infrastructural deficit confronting the country.

Osinbajo who made the disclosure in a statement on Thursday, Mach 18, said since government’s resources were completely insufficient, the only way to bridge the gap was by Public-Private Partnership arrangement in one form or the other.

The statement that was released by Vice President’s Senior Special Assistant on Media and Publicity, Laolu Akande, titled ‘How to access local, global funds to develop Nigeria’s infrastructure, by Osinbajo’.

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The statement read: “Nigeria will require at least $2.3tn over the next 30 years to bridge this gap. The review of budgetary allocation for capital expenditure even over the past decade will show that government resources are completely insufficient for this purpose.

 

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  1. Pingback: Bank of Industry secures N300 million loan for creative sector – Osinbajo - 9jaheadies

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