The Director-General of the National Council for Arts and Culture, Otunba Runsewe, has commended the Central Bank of Nigeria’s Governor, Mr. Godwin Emiefele, for developing a Creative Industry Financing Initiative.

Runsewe who gave this commendation in Abuja, Nigeria’s capital, said that the Initiative will allow Investors in the Creative Industry access loan up to Five hundred million Naira (₦500,000,000) with nine percent (9%) interest rate.

He noted that this initiative will greatly boost the Industry and enhance the capacity of key players in the sector to optimize their potentials.

The National Council for Arts and Culture’s boss added that more than ten countries of the world have used similar initiative to fight poverty, unemployment, crime and youth restiveness.

“With this noble and patriotic initiative, the CBN Governor has clearly demonstrated his commitment to President Buhari’s economic development agenda with emphasis on diversification and job creation,”  Runsewe said.

He stated that as one of the highest employers of labour, if the Creative Industry is fully developed, it will not only create mass employment, it will also stimulate rapid socio-economic growth and development.

Runsewe called on key players in the Creative Industry to take advantage of the opportunity of the facility to develop and strengthen their businesses.

He also enjoined prospective beneficiaries of the facility to ensure that they comply with the terms and conditions of repayment.

The Creative Industry Financing Initiative was developed by the CBN in collaboration with the Bankers’ Commitment.

The Creative Industries that could apply for the loan include Fashion, Information and Technology, Movie Distribution, Music and Software Engineering.