Call for applications: Creative Industry Financing Initiative Nigeria

The loans are intended to contribute to the government’s job creation plans, especially for the country’s youth population. As supported by the Nigerian Bankers' Committee, these loans will be disbursed under the Creative Industry Financing Initiative, a concept first floated to the media in February.

Speaking about the initiative, Herbert Wigwe, CEO of Access Bank, said: "The Bankers' Committee after a lot of research identified the creative and it sector as a critical sector to support social and inclusive growth in Nigeria. We’ve basically found out that the sector would generate a significant amount of employment given how Nigerians involved in the creative sector have done well in music and others."

According to the announcement, eligible candidates can receive up to 500 million naira ($1m) for a project, depending on the nature of the proposal presented. Interest rates on the loans are set at 9%.

Eligible applications will be accepted for projects related to these:

• Music
• Fashion
• Information technology
• Movie production
• Movie distribution
• Software engineering student loan

Candidates are required to produce a business plan for the intended project to access loans up to:

• N3 million for software engineering student.
• N30 million for movie production business.
• N500 million for movie distribution business.
• An amount to cover rental/service fees for fashion and information technology business.
• An amount required to cover training fees, equipment fees, and rental/service fees for music business.

The repayment schedules of the disbursed funds are:

• A maximum of three years for software engineering.
• A maximum of 10 years for movie production and distribution.
• A maximum of 10 years for fashion, information technology (IT) and music.

For more information, visit the Central Bank of Nigeria website.