CBN INTERVENES IN MUSIC INDUSTRY…SPLASHES N500 MILLION CASH

BY OUR REPORTER

Light might finally be dawning at the end of the tunnel for the entertainment industry in Nigeria as the Central Bank of Nigeria (CBN) intervenes with huge cash.

The CBN says creative and entertainment industry entrepreneurs will be able to receive funding up to N500 million to support their business, through a scheme just designed.

A statement by CBN informs that the apex bank is working in collaboration with the Bankers’ Committee as part of efforts to boost job creation in Nigeria, particularly among the youth, in developing the scheme tagged, Creative Industry Financing Initiative (CIFI).

The initiative has four pillars, namely: Fashion, Information Technology, Movie and Music. Interested applicants are advised to submit applications to their banks for approval and disbursement.

To benefit from the CIFI, applicants must be involved in fashion, information technology, movie production, movie distribution, music and software engineering student loan. They will also need to be armed with a well-articulated business plan, stating exactly how much they need.

Applicants can get loans of up to N3 million for software engineering student, N30 million for movie production business and N500 million for movie distribution business. They will also be able to get funding for rental/service fees for fashion and information technology business, training fees, equipment fees, and rental/service fees for music business, according to the statement.

Prospective applicants are required to approach any bank of their choice to access the fund. A maximum interest rate of 9.0% per annum (all charges inclusive) is applicable to all loans, repayable between three and 10 years, depending on the category.