Federal Govt. to give 500 million Naira loans to Filmmakers, upcoming Artists

By EJ  
In a move to boost the entertainment industry, Central Bank of Nigeria has set up a financing initiative to help upcoming musicians and filmmakers. 

The initiative known as the Creative Industry Financing Initiative, CIFI will give loans ranging from 3 million Naira to 500 million Naira. 

CIFI was announced yesterday on Twitter by the AsoRock social media account. 

Here’s the official statement below: 

Did you know that the @cenbank has developed a Creative Industry Financing Initiative (CIFI)? Interested applicants in the creative industry are advised to submit applications to their banks for approval & disbursement. The initiative has four pillars- Fashion, IT, Movie & Music.

You can get a loan of up to: – N3m for Software Engineering student; – N30m for Movie production business; – N500m for movie distribution business; – Cover rental/service fees for Fashion, and IT business; – Cover fees for training, equipment, & rental/service for Music biz.

Go to any bank of your choice to access the fund. The maximum interest rate of 9.0% per annum is applicable to all loans. For more information, please visit http://www.cbn.gov.ng 

If you have any additional information about this, please share with others in the comments section.

Source: Scooper News

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