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CBN, BoI mull financing window for Edo Creative Hub

The Central Bank of Nigeria (CBN) and the Bank of Industry (BoI) have disclosed plans to partner with the Edo State Government to ease access to finance to creators at the Edo Creative Hub, an initiative of the Edo State Governor, Mr Godwin Obaseki to rejig the state’s entertainment industry.

Edo State Governor, Mr. Godwin Obaseki (left); Governor, Central Bank of Nigeria (CBN), Mr. Godwin Emefiele (2nd left), with other officials of the CBN, during a visit to the Edo Production Centre, in Benin City, on Wednesday, May 22, 2019.

The finance windows are expected to come from the programmes extended to the entertainment industry in an effort to diversify the Nigerian economy.

Senior Special Assistant to the Edo State Governor on Investment Promotion, Mr Kelvin Uwaibi, who said this in a chat with journalists, said the opportunity came in the wake of the Stakeholders Meeting with actors in Nigerian’s entertainment industry held in Benin City. The stakeholders meeting was organised by EdoJobs, Edo State Investment Promotion Office, Trace TV and Market Development in the Niger Delta (MADE), which is funded by the United Kingdom’s Department for International Development (DFID).

He said the state government is working on a creative industry policy document that would provide the framework for the industry in the state and set parameters for government intervention and incentives.

Edo, NIPC, OGP synergise on access to data to promote investment, transparency(Opens in a new browser tab)

According to him, “We had a productive chat with members of the creative industry and are currently working on the entertainment industry policy document. The CBN and BoI have made commitments to ease access to finance and we are excited about that. This will set the tone for government’s engagement with the actors in the industry and set modalities for the incentives we will be providing.”

He added that the plan was to ensure that the indigenous actors in the industry benefit from the input of those in the Diaspora, ensuring that the funds to be attracted are domiciled in and used by the actors across the different value chain in the state.

“Our intention is to raise the standard. There will be a lot of capacity building. In no distant time, people from Edo will dominate the entertainment scene in Nigeria, as they will be getting the needed incentives to truly make an impact,” he added.

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