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Nigerian Creatives To Enjoy More Access To Special Funds

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The Central Bank of Nigeria (CBN) and Deposit Money Banks (DMBs) are making efforts to ensure the  continuous development of the creative and IT sectors in the country.

They have initiated a special fund to offer low-interest financing for the music, movies, fashion and Information Technology (IT) sector.

The apex bank made known the plan during the Bankers’ Committee meeting that was held at the CBN headquarters in Abuja on Thursday.

Speaking on the decision, the bank's Director of Banking Supervision, Mr. Ahmed Abdullahi, stated that the initiative was brought forth to accelerate Gross Domestic Product (GDP) growth rate and create numerous employment opportunities in the country.

Ahmed, who talked to newsmen alongside other CBN Directors and some banks’ Managing Directors (MDs), also made it known that Nigeria's foreign reserve had reached a new level of $43 billion.

The Managing Director of Access Bank, Mr. Herbert Wigwe, who elaborated on the implementation of the initiative, told the Press that the Bankers’ Committee has identified the creative and IT sectors as being important in their quest to support social and inclusive growth in the country, and that the initiative would be carried out through the provision of various infrastructure and shared facilities, across special hubs for the identified sub-sectors.

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