CBN Urged To Fast-Track Financing Initiative For Creative Industry

The Civil Empowerment and Rule of Law Support Initiative (CERLSI) has urged the Central Bank of Nigeria (CBN) to expedite action on modalities for the successful takeoff and implementation of its Creative Industries Financing Initiative (CIFI).

The initiative was put in place to benefit Nigerians with skills in the fashion, movie-making and distribution channels, info tech, music, and software engineering.

Bob MajiriOghene Etemiku, CERLSI’s deputy executive director, made the plea after a visit to the CBN office in Benin on Monday, May 20.

He said even though the scheme presented exciting opportunities to Nigerians wishing to take advantage of it, bottlenecks and the political will to see it through was hindering its successful take-off.

He said: “CBN officials told us yesterday that even though the programme has officially taken off, it has yet to send a blueprint or rules of engagement to the commercials banks that will disburse the loans to fledgling Nigerian start-ups.

“A notice which the CBN sent to the general public and which was circulated on traditional and social media hinted that in collaboration with the Bankers Committee, the CBN had set up a ‘Creative Industry Financing Initiative, CIFI’, as part of efforts to boost job creation in Nigeria, particularly for young people.

“The notice gave a sketch of those to benefit – fashion bugs, info techies, movie producers and distributors, musicians and software engineering. Successful applicants are to receive sums ranging from N3m – N500 million depending on a matrix of factors yet to be ascertained by the banks.

“Take notice that there is a gale of suicides among young sweeping across Nigeria. Most of these young people taking their lives have skills in the areas the CBN-CIFI chose to focus on.

“While CERLSI cannot quickly arrogate the unfortunate suicide of young persons in Nigeria to the mounting frustration of joblessness and unemployment, we are certain that frustration arising from unemployment and the inability of the system to activate support systems such as the CBN-CIFI contributes to the banality and despondence prevalent in our land.”