Nigeria moves to boost entertainment, creative sectors with N240bn

Nigeria has kick-started the process to float N240 billion to finance technology, entertainment and creative sectors by the end of 2021.

Presidency stated that the financing, which is a $500 million loan to be sourced from the African Development Bank (AfDB), could harness potential in Nigeria’s creative and technology industries.

 The plan, the sources said, was to collaborate with the AfDB and other finance partners to set up the $500 million fund in support of the Nigeria Innovation Programme (NIP).

Already, eight states: Lagos, Osun, Edo, Cross River, Anambra, Kaduna, Adamawa, Plateau and Abuja, were initially selected as focus states, while Borno, Gombe and Kwara States were recommended by The Presidency for the programme.

Arrangements for the establishment of a $500 million fund in support of what has been named the NIP, is now being activated, especially with a report of the first draft project proposal presented by the AfDB and other stakeholders recently at a meeting with Vice President Yemi Osinbajo.

Confirming the meeting, Osinbajo’s media aide, Mr. Laolu Akande, said yesterday that it was public knowledge that the vice president had spoken publicly about the $500m facility.

According to him, details of how the facility will work were discussed at last Thursday’s meeting presided over by Osinbajo, and attended by ministers, a representative of the African Development Bank (AfDB), among other stakeholders.

Akande stated that the plan to get the funding is an outcome of the Technology and Creativity Working Group set up a few years ago with members drawn from the private and public sectors.