Showbiz Industry Gets N300m Loan from BoI

By Modupe Gbadeyanka

As a way of diversifying the economy in Nigeria and adequately tap into the creative industry, which has contributed to the Gross Domestic Product (GDP) of the country, the Bank of Industry (BoI) has approved the sum of N300 million for the sector.

Acting Managing Director of BoI, Mr Waheed Olagunju, expressed optimism that the move would positively change the face of the arts and culture industry in Nigeria.

In recent times, the showbiz sector in Nigeria has created several millionaires and boosted the economy of the nation.

The industry has also grown to employ several thousands of youth in the country who would have before now become jobless.

Mr Olagunju explained that the N300 million will come in form of loan to those in the creative industry in Nigeria at a single digit interest rate to be repaid in three to five years.

Recently in Abuja, the BoI signed a Memorandum of Understanding (MoU) with the National Council for Arts and Culture (NCAC).

According to Mr Runsewe, the loan will go a long way to support the creative industry in the country, which had suffered neglect in the past.