Nigerian Central Bank Approves Disbursement Of Loans For Creative Industries At 9%

June 14, 2019

9261

Dollar To Naira Today exchange rate closed at N427.75/$

Nigerian Central Bank has approved the commencement of loans for creative industries in the country at a token of 9% interest rate.

According to the Apex Bank, creative industies entitled to apply are fashion industries, Information Technology industries, movie industries production and distribution industries, music and software engineering companies and student loans.

Central Bank of Nigeria (CBN) had stated that under the CIFI loan initiative, beneficiaries could get up to N500m loans at a paltry interest rate of 9%.

The Bankers Committee of the CBN which announced the commencement of disbursement of the loans on Thursday, said that the financing comes under the Creative Industry Financing Initiative

CBN added that the decision to commence the disbursement of funds under the initiative was made at the end of the committee’s meeting held at the CBN headquarters in Abuja.

Present at the meeting were Chief Executives of all the Deposit Money Banks in Nigeria as well as other top officials of the apex bank.

Addressing journalists shortly after the meeting, the Director, Banking Supervision Department, CBN, Mr Ahmed Abdullahi, said that the decision to support the creative industry was borne out of the committee’s conviction that the sector held the key to job creation, poverty reduction and inclusive growth.

He was accompanied to the media briefing by the Managing Director, FBN Quest Merchant Bank, Kayode Akinkugbe; MD, Ecobank, Patrick Akinwuntan; MD, FSDH Merchant Bank, Hamda Ambah; Citibank MD, Akin Dawodu; and Director of Corporate Communications at the apex bank, Isaac Okorafor.

Other issues discussed at the meeting include consumer lending, mortgage financing and the need to encourage the culture of savings among Nigerians.

INSTRUCTIONS ON HOW TO APPLY

interested applicants. Individuals, Business Owners and SMEs in the creative industries who wish to apply for business loans and students interested in applying for Students’ loans should collect and submit applications forms in their banks.

The bank will process the application forms for approval and consequent disbursement.

Applicants are to prepare their business plans or statements on what they intend to and how much they require for their businesses.

Nigerian Central Bank has approved the commencement of loans for creative industries in the country at a token of 9% interest rate.

According to the Apex Bank, those entitled to apply are fashion industries, Information Technology industries, movie industries production and distribution industries, music and software engineering companies and student loans.

Central Bank of Nigeria (CBN) had stated that under the CIFI loan initiative, beneficiaries could get up to N500m loans at a paltry interest rate of 9%.

The Bankers Committee of the CBN which announced the commencement of disbursement of the loans on Thursday, said that the financing comes under the Creative Industry Financing Initiative

CBN added that the decision to commence the disbursement of funds under the initiative was made at the end of the committee’s meeting held at the CBN headquarters in Abuja.

Present at the meeting were Chief Executives of all the Deposit Money Banks in Nigeria as well as other top officials of the apex bank.

Other issues discussed at the meeting include consumer lending, mortgage financing and the need to encourage the culture of savings among Nigerians.

Providing more insights into the outcome of the meeting, Akinkugbe urged interested applicants in the creative industry to submit applications to their banks for approval and disbursement.

He also urged them to prepare the business plan or statement on how much they required for their businesses.