The Vice President of Nigeria Professor Yemi Osinbanjo, has made it known that the Bank of Industry in collaboration with the National council for Arts and Culture has secured a N300 million loan for the creative sector in Nigeria.

Mr Osinbanjo had disclosed this at the opening of Ogidi Studios. Ogidi Studios is a Lagos based world-class creative complex, hosting recording, film production, animation, and writing studios, owned by the Temple Company.

“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 also has 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.”

while making reference to Burna Boy and Wizkid who took the entertainment industry by storm and winning the Grammy Awards, Prof. Osinbajo mentioned that the environment has been prepared for Nigeria to produce more creative talents across the value chain in the industry.

Osinbanjo further said that on “14th of March 2021, 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.”