Artistes, filmmakers to get single-digit loans from banks

Practitioners in the Nigerian entertainment industry will soon be able to access single-digit loans from banks across the country.

Speaking on Thursday at the end of the Bankers Committee meeting of the Central Bank of Nigeria (CBN), Herbert Wigwe, managing director of Access Bank, said the funds would be made available to the movies, music, IT and fashion segments of the industry.

The Access Bank boss said the loans would have flexible collateral conditions and can be repaid for a maximum of 10 years.

“They are reflective of the fact that in this specific industry, what is required is long-term financing at single digit funding and for collateral which is flexible,” he said.

“It is a big initiative which will do a couple of things for our country.

“As a starting point, it will lead to about 300, 000 employment in five years time.

“It will lead to a significant accumulation of foreign exchange and significant savings.”

Listing likely conditions for the loan, Wigwe said interested parties must have their primary business in the entertainment indistry adding that the asset which is being funded by the loan could also be used as collateral.