The has sealed a Memorandum of Understanding with the National Council for Arts and Culture to provide N300 million in loans to the creative industry operators.
The agreement will enable the bank to provide the loans at a single digit interest rate to be repaid in three to five years.
The Acting Managing Director, BoI, Mr Waheed Olagunju said the management of the bank was excited to provide the funding to the sector owing to its huge job creation potentials, describing the agreement as a major milestone that would change the face of the arts and culture industry in Nigeria.
According to him, with the focus of the Federal Government to diversify the economy away from oil, any support 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.
The Director General, National Council for Arts and Culture, Olusegun Runsewe noted, “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.”
The MOU has been described as a milestone in the creative sector, as this is the first time that the sector would access funds from a financial institution at a single digit interest rate.
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