wwwcbngovngThe CBNin collaboration with the Bankers Committee as part ofefforts to boost job creation in Nigeria particularly among the youth has developed a Creative Industry Financing Initiative CIF ID: 858305
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1 CENTRAL BANK OF NIGERIA www.cbn.gov.ng
CENTRAL BANK OF NIGERIA www.cbn.gov.ng The CBN in collaborati on with the Bankers Committee as part of efforts to boost job creation in Nigeria, particularly among the youth, has developed a Creative Industry Financing Initiative (CIFI). The initiative h as four pillars, namely: i. Fashion ii. Information Technology iii. Movie iv. Music Interested applicants in the Creative Industry are hereby advised to submit applications to their banks for approval and disbursement. How to benefit from the Creative Industry Financi ng Initiative: 1.0 Is your business in any of the following areas? ï· Fashion ï· Information Technology ï· Movie Production ï· Movie Distribution ï· Music and ï· Software Engineering Student Loan 2.0 If Yes 2.1 Prepare your business plan or statement on how much you want for your business . 2.2 You can get a loan of up to: a) N3 million for Softwa
2 re Engineering Student b) N30 mill
re Engineering Student b) N30 million for M ovie P roduction business c) N500 million for M ovie D istribution business d) Cover your rental/service fees for F ashion and Information Technology business e) Cover your training fees, equipment fees, and rental/service fees for M usic business 2.3 Go to any bank of your choice to access the fund. 3.0 Tell your bank how much you need. 2 | Page 4.0 Your bank will discuss your request and provide you the money 4.1 The maximum interest rate of 9.0% per annum (all ch arges inclusive) is applicable to all loans. 5.0 Period for the repayment of the loan: a) For Software Engineering Student Loan, it is a maximum of three years b) For Movie P roduction and D istribution, it is a maximum of ten years c) For F ashion, Information Technology (IT) and M usic, it is a maximum of ten years For more information, please visit: www.cbn.gov.n