The Central Bank of Nigeria (CBN) in conjunction with the Bankers’ Committee has finally unveiled the Creative Industry Financing Initiative (CIFI), which will enable businesses to obtain loans up to the tune of N500 million.
According to the official release of the CIFI document on the apex bank’s website, the initiative is targeted at boosting job creation in Nigeria, particularly among the youths.
Recent developments – Earlier in February 2019, the Bankers Committee of the CBN agreed to provide more funding for the development of the creative sector of the economy.
Addressing journalists shortly after the 342nd meeting of the Bankers Committee of the CBN, the Director, Banking Supervision Department, CBN, Mr. Ahmed Abdullahi, disclosed that the decision to support the creative industry was born out of the committee’s conviction that the sector holds the key to job creation, poverty reduction and inclusive growth.
Similarly, the Managing Director of Access Bank Plc, Herbert Wigwe, while reiterating the plan to support business owners in the I.T sector, also revealed that the committee plans to offer a single digit interest rate for the initiative.