By Abdul Alli, Abuja

The Director-General of the National Council for Arts and Culture, (NCAC), Otunba Olusegun Runsewe, has lauded the Central Bank Governor, Mr Godwin Emefiele for the Creative Industry Financing Initiative.

Speaking in Abuja, Runsewe said that by allowing investors in the creative industry access loans with nine per cent interest rate, the Initiative will significantly boost the industry and enhance the capacity of key players in the sector to optimise their potentials.

The NCAC boss added that other countries have used similar efforts to fight poverty, unemployment, crime and youth restiveness.

According to him, “With this noble and patriotic initiative, the CBN Governor has clearly demonstrated his commitment to President Buhari’s economic development agenda with emphasis on diversification and job creation,”

He stated further that, as one of the highest employers of labour, if the Creative Industry is fully developed, it will not only create mass employment, it will also stimulate rapid socio-economic growth and development.

He however call on key players in the Creative Industry to take advantage of the opportunity of the facility to develop and strengthen their businesses, he urged prospective beneficiaries of the facility to ensure that they comply with the terms and conditions of repayment.

The Creative Industry Financing Initiative was developed by the CBN in collaboration with the Banker’s Committee. It is open to players in fashion, information and communication technology, movie, music and software engineering.