CBN and other banks initiate N22billion Creative Scheme, Here’s Why

The Central Bank of Nigeria (CBN), has said the N22 billion creative industry intervention is aimed at consolidating positive results already recorded in the struggle to reposition the economy, following the 2014 oil price volatility and 2016 recession.

The Creative Industries and Financing Initiative (CIFI), was scripted by CBN and the Bankers Committee, following their yearly retreat in December 2018, to claw back lost opportunities and create employment in the entertainment industry, mostly dominated by youths.

Using the Agribusiness, Small and Medium Enterprises Investment Scheme (AGSMEIS), through which the banks set aside, five per cent of their profit after tax yearly, the goal is to support startups and existing businesses in the creative industry space, as well as the development of a creative industry parks across three major cities in Nigeria.

CBN Governor, Godwin Emefiele, yesterday, at the Creative Nigeria Summit, said while the positive measures are indeed comforting, he is also acknowledging that there is still a lot of work to do.