Nigeria’s creative sector to benefit from N300m loan package, says Osinbajo

Vice President Yemi Osinbajo says the Bank of Industry(BoI), in collaboration with the National Council for Arts and Culture, had secured a N300 million loan package for Nigeria’s creative sector.

Osinbajo’s spokesman, Laolu Akande, in a statement, on Sunday, in Abuja, 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.

The vice president said that in recognition of the strategic importance of the entertainment and creative sector in growing the economy, Federal Government, had introduced several initiatives to harness the abundant potentials in the country.

“Last year, the Federal Government handed over the control of the National Theatre to the Central Bank of Nigeria and the Bankers’ Committee.

“The Bankers’ Committee has committed to an investment of N25 billion, as initial funding for the development of the Nigeria Creative Centre at the National Theatre, Lagos.

“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.”

He said that the creative sector and other sectors had been positioned to benefit from the deliberate efforts of the Federal Government.

“But perhaps more importantly, with the Ogidi Studios, Nigeria now operates on the same level of sound and video technology with major global players.

“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.

“The entire value chain in music and entertainment can now be local. So, we are at the cusp of a revolution in entertainment production, creative talent and services, and a major economic opening for business in Nigeria.”

He said that in 2019, Netflix opened its first African office in Lagos and was investing millions of dollars to buy and generate authentic African content on its platform.

Osinbajo added that years earlier, the Universal Music group established itself firmly in Lagos, as many others were waiting to make their bid for a piece of the action.

While commending the owners of the Ogidi Studios for raising the stakes in the entertainment industry, the vice president said local creative talents could fulfill their dreams.

According to him, the industry can fulfil its dream of a world-class script writing, music recording, video making, and editing can take place under one roof, at the Ogidi Studios.

He cited Burnaboy and Wizkid for taking the entertainment industry by storm, and winning the Grammy Awards, saying that the environment had been prepared for Nigeria to produce more creative talents, across the value chain in the industry.

“On the March 14, Burnaboy 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.