The Vice President of the Federal Republic of Nigeria, Yemi Osinbajo has revealed the Bank of Industry in collaboration with the National Council for Arts and Culture, has secured a N300 million loan for Nigeria’s creative sector.
Mr Osinbajo’s spokesman, Laolu Akande, in a statement, on Sunday, said the vice president disclosed this at the opening of Ogidi Studios, a Lagos-based world-class creative complex, hosting recording, film production, animation, and writing studios, owned by the Temple Company.
Last year, the federal government handed over the National Theatre’s control to the Central Bank of Nigeria and the Bankers’ Committee.
According to Mr Osinbajo, the committee has committed to an investment of N25 billion as initial funding for developing the Nigeria Creative Centre at the National Theatre, Lagos.
He stated further, “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.”
Regarding the studios, he noted, “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.”
In 2019, Netflix opened its first African office in Lagos and invested millions of dollars in buying and generating authentic African content on its platform.
Mr Osinbajo cited Burnaboy and Wizkid for taking the entertainment industry by storm and winning the Grammy Awards, saying the environment is prepared for Nigeria to produce more creative talents across the industry’s value chain.
“On March 14, Burna Boy and Wizkid took the entertainment industry by storm, winning the Grammy Awards and established themselves as amongst the best musicians in the world.
“Burnaboy won in the ‘Best Global Music Album’ category for the ‘Twice As Tall’ Album and Wizkid; the real Starboy, in the Best Music Video category for his feature in the song ‘Brown Skin Girl,’” he said.