The Central Bank of Nigeria and banks, under the aegis of the Bankers’ Committee have decided to commence the disbursement of single-digit loans soon to the creative industry, and some cash crops.
The CBN will disburse a sum of N200 billion.
Herbert Wigwe, the CEO of Access Bank said the committee revisited the entitle value chain of music, movies, information technology and fashion, right from production facilities to capacity building, to ensure that whatever is produced is world-class.
By next week, there will be an announcement for those who want to participate in each of these segments.
According to Wigwe, the specific amount will depend on what the individual does.
“The loans are single-digit interest loans for a maximum of 10 years; while we will ask for collateral, it will be flexible,” Wigwe added.
The Managing Director of the United Bank for Africa (UBA), Mr. Kennedy Uzoka, spoke on the resolutions of the committee to enhance support for the real sector.
Uzoka also said the committee agreed to immediately focus on palm oil, cocoa, sesame seed, shea and cashew.