Uche Usim, Abuja
To grow the movie, music, ICT and creative industry in general, the Bankers Committee of the Central Bank of Nigeria (CBN) on Thursday, revealed plans to vote huge funds to support players along the entire value chain of that sector.
Speaking at the event, the Director, Banking Supervision Department of CBN, Mr Ahmed Abdullahi, said the decision by banks to support the creative sector was informed by the huge potential it possesses. He said the funds will help set up technology hubs, film academies, fashion centres, among others that will train and employ thousands of Nigerians.
Also speaking at the event, the Managing Director of Access Bank Plc, Mr Herbert Wigwe, said the Committee was glad that the nation’s external reserves hit $43 billion, adding that the banks will ensure they would fund programmes that will help diversify the economy.
He said: “There are four specific veritcals that will be supported with a lot of resources. They’re the music, movie, fashion and ICT. It will take shape in the next quarter. What the committee wants to do is provide relevant infrastructure and funding needed by players.
For instance, the ICT sector will provide employment, boost social growth, impact strongly on the GDP, boost tourism and foreign exchange.
“The ICT sector can generate a significant amount of employment. In the creative sector, we’ve done well in nollywood, music and all that. Nigeria can become the heart of tourism in that whole sector if handled properly. It can also be a major source of foreign exchange earning capacity if we invest significantly in that sector”, he explained.
On funding mechanism, Wigwe said it will be in different ways.