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Omodele Adigun
To encourage the innovative work of talented Nigerians in music, movie, fashion and Information technology, the Central Bank of Nigeria (CBN), in conjuction with the Bankers Committee, have pledged the sum of N22 billion for the development of a creative industry parks across three major cities: Lagos, Kano, Port Harcourt or Enugu.
According to the CBN Governor, Godwin Emefiele, who announced this Monday in Lagos, the National Theater in Iganmu, Lagos is expected to serve as the initial pilot for the Creative Industries park. “Our plan is to develop a 40- acre Creative Industry Park around the National Theater including giving the Theater itself tremendous face lift; thereby reopening the tourism potential which the theatre offered during the FESTAC 77. Following the deployment of the pilot scheme in Lagos, we intend to set up similar parks in Kano, Port Harcourt or Enugu,” he said..
Emefiele noted that the Nigeria’s creative industry, which comprises the music, movie, fashion and IT industries are beginning to emerge as a key source of wealth and job creation, spurring innovation, and increasing the nation’s export revenues Across Africa and in various parts of the globe.
He added: “Our goal through the establishment of these parks is to create an environment where startups and existing businesses can be incubated and rewarded for their creativity. In each of these parks, efforts will be focused on discovering the most innovative young entrepreneurs across the music, movie, fashion and IT industries. Each park will be able to support skills acquisition for over 200,000 Nigerians.
These individuals will be empowered with funds at single digit interest rate, state-of-the-art tools, high level training and networks, that will enable them to turn their ideas into a reality. When they are able to achieve this objective of creating a new music product, a high-quality movie, an IT software application, or a fashionable outfit, we will work to ensure that they are able to distribute their work on a large scale around the globe.
“We are cognizant of the fact that a growing creative industry will also support the growth of other sectors of our economy, such as logistic firms, financial service companies, construction firms, as well as legal firms.
So far, the CBN and the Bankers Committee intend to support this creative venture with N22 billion of initial funds. Part of our efforts in the music and movie industry will be to support young entrepreneurs in the development of digital content at the park. Our Creative Industry Financing Initiative (CIFI) will also enable the development of distribution outlets such as cinemas and music platforms, which will help improve the reach of the content developed by our young entrepreneurs.
