In 2019, the Federal Government introduced the Creative Industry Financing Initiative loan as a way to stimulate investment in the culture and creative sector. Four years after, creatives are still struggling to access the loanIn 2019, the Federal Government introduced the Creative Industry Financing Initiative loan as a way to stimulate investment in the culture and creative sector. Four years after, creatives are still struggling to access the loan, GREGORY AUSTIN NWAKUNOR writes.
Access Bank stated that it made arrangements for consultants to assist its customers in preparing their business plans to meet the minimum standard at discounted rates. It was assumed that CIFI would employ about 300,000 youths over the next five years and lead to the accumulation of foreign exchange. It was also believed that it would stimulate investment in the industry to the benefit of everybody.
He had, however, warned on the need for monitoring so that the initiative was not hijacked by ‘creative contractors’. Where a PFI finds an applicant successful after conducting due diligence of the application and documents submitted, it would issue such applicant an offer letter containing the terms of the loan agreement, including repayment schedule.
The stipulated funding structure for financing successful applicants’ projects is made up of Minimum Equity Contribution and Term Loan. According to the cinema critic and head of the Africa Movie Academy Awards jury, Shaibu Hussein, “the guidelines are stringent.”Hussein added it is not about a creative making a couple of movies, or artistes producing some songs, “you need to be established as a company to get the loan.”
Another fashion designer, Nkem Ojukwu, who lives Ikotun, also frowned at the requirement for this loan. She said, “the conditions are too stringent. They are just discouraging young people from going into business.” The petition said CIFI held great promise in providing much-needed funding to creative entrepreneurs, who have been striving to unleash their artistic potential and contribute to the nation’s prosperity.
The Coalition, led by Amb. Kenule Nwiya, registered their displeasure over the manner in which the CBN has built a wall against the creative industry practitioners. He added: “A lot of people collected grant during Jonathan, but didn’t execute the projects they got grants for. Those who got grant for film production, training facilities and infrastructure development went away with it.”
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