BoI lifts creative industry, opens N300m facility window on single digit interest rate

In line with federal government’s renewed interest in diversifying the economy, Bank of Industry (BoI) has signed a memorandum of understanding with the National Council for Arts and Culture (NCAC) to open N300m loan window for operators in the creative industry.

Access to the facility is coming on single single digit interest rate to be repaid between four to five years.

Sealing the deal in Abuja, Acting Managing Director of BoI, Mr. Waheed Olagunju, noted that the agreement as a major milestone as it would change the face of the arts and culture industry in Nigeria.

While disclosing that the management of the bank was excited to provide the funding to the sector owing to its huge job creation potentials, Olagunju averred that supports from the bank to small scale businesses in the non oil sector would go a long way in reducing the level of poverty and unemployment in the country.

According to him, “The MoU would enable us to provide a total sum of N300m as take off point to support businesses in the arts and culture industry.  We would be lending to the sector at a single digit interest rate for a period of three to five years.

“We see this sector as an important sector to stimulate economic activities owing to its job creation potentials and we call on all stakeholders to also support SMEs by providing a competitive environment so that their operating expense can be reduced,” BoI boss noted.

Commenting after the signing ceremony, the Director General of NCAC, Olusegun Runsewe, described the deal as a milestone in the creative sector.

He recalled that “This is the first time that the sector would access funds from a financial institution at a single digit interest rate”.