The Creative Industry Financing Initiative
Designed to support entrepreneurs in the Creative Industry
The Central Bank of Nigeria (CBN), in collaboration with the Banker’s Committee, has introduced the Creative Industry Financing Initiative (CIFI) to improve access to long-term low-cost financing for entrepreneurs and investors in the Nigerian creative and information technology (IT) sub-sector, as part of efforts to boost job creation in Nigeria, particularly among the youth.
Entrepreneurs in fashion, music, movie production and information technology can now get long-term low-interest loans up to N500m (interest rate of 9% over a 3-10 year period), guaranteed by the Central Bank of Nigeria (CBN), for their business. Designed to support entrepreneurs in the creative industry and stimulate economic growth, the Creative Industry Financing is available at Guaranty Trust Bank.