The Bank of Industry (BoI) has signed a Memorandum of Understanding with the National Council for Arts and Culture (NCAC) to provide N300 million in loans to the creative industry in the country.
The agreement was signed in Abuja and will see the bank avail loans to operators in the industry at a single digit interest rate with a tenure of three to five years.
The Acting Managing Director, BoI, Mr. Waheed Olagunju, signed the agreement on behalf of the bank, while the Director-General, NCAC, Chief Olusegun Runsewe, signed on behalf of the council.
Olagunju said that with the focus of the Federal Government to diversify the economy 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 MoU will enable us to provide a total sum of N300 million as take-off point to support businesses in the art and culture industry. We will be lending to the sector at a single-digit interest rate for a period of three to five years.
We see this sector as an important sector to stimulate economic activities owing to its job creation potential, and we call on all stakeholders to also support the SMEs by providing a competitive environment so that their operating expense can be reduced,” he said.