Nigeria’s Vice President, Yemi Osinbajo, has said the Muhammadu Buhari administration recognises the strategic importance of the entertainment and creative sector in growing the economy.
Osinbajo said due to this, the administration has, in the past few years, introduced several initiatives to harness the abundant potentials in the country.
The vice president stated this over the weekend in a message delivered at the opening of the Ogidi Studios, a Lagos-based world-class creative complex, hosting recording, film production, animation, and writing studios, owned by the Temple Company.
In his opening address, Osinbajo mentioned that the Federal Government’s handed over the control of the National Theatre to the Central Bank of Nigeria and the Bankers’ Committee.
According to him, the Bankers’ Committee has already committed to an investment of N25 billion as initial funding for the development of the Nigeria Creative Centre at the National Theatre, Lagos.
“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 an N300m 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.”
Speaking about the gains of consistent and deliberate efforts by the Buhari administration over the years, the vice president noted that the sector and the country are now better positioned to benefit from the entire value chain.