Osinbajo urges creatives to take advantage of N300m BoI loan

Vice President Yemi Osinbajo says a N300 million loan package has been secured for Nigeria’s creative industry.

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

A statement by Laolu Akande, Osinbajo’s spokesman, quoted him as the federal government has introduced several initiatives to harness the potentials of the creative industry to grow the economy.

“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.

“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.”

Ogidi Studios is a Lagos-based world-class creative complex, hosting recording, film production, animation, and writing studios owned by the Temple Company.

Osinbajo said the creative industry has been playing its part in attracting foreign investment to the country.

He said Netflix opened its first African office in Lagos in 2019 and has been investing millions of dollars to buy and generate authentic African content on its platform.

Osinbajo added that years earlier, the Universal Music group established itself firmly in Lagos and many others are waiting to make their bid for a piece of the action.