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CBN wants to give you Loan

Creative Industry Funding Initiative.

 

 

It’s a new dawn for the creative industry as the Central Bank of Nigeria makes funds available for creative persons, who genuinely seek financing to grow their businesses under its Creative Industry Funding Initiative.

Just like it did to farmers under its Anchor Borrowers’ Program (ABP), where rice farmers got cheap capital to boost their production capacities, leading to Nigeria becoming one of the world’s largest producers of rice, the Central Bank of Nigeria, has launched a financing program for the creative industry in Africa’s largest economy to enhance productivity and wealth creation.

The Creative Industry

“Nigeria has the largest economy in sub-Saharan Africa and its fast-growing tech, film and fashion sectors have become a strong exporter of culture,” the British Council has said on its website.

Also, Nigeria’s culture and information minister Lai Mohammed said, “Our greatest strength lies in our creative industry, our music, and our films. That is one area we need to build on because that is one area we have a comparative advantage over many other countries.”

Nigeria’s creative industry is growing at an exponential rate with emerging talents in the fashion and film sector. But the chances of emerging from talents to creative entrepreneurs are quite slim due to the country’s harsh economic realities.

The country’s unemployment rate was at 23.1 per cent, from the previous rate of 18.8 per cent released in the third quarter of 2017, Nigeria’s National Bureau of Statistics said in December 2018.

Despite these challenges and even more, Nigeria’s creative industry is tipped to hold the key to reducing the growing unemployment rate and contribute to the nation’s economy. While the challenges are real, the opportunities in the creative industry remain limitless.

Operators in the industry might as well heave a sigh of relief as the CBN has taken it upon itself to make funds available to creative entrepreneurs to finance their dreams and grow their businesses and this loan is up to the sum of N500m.

Intervention

The central bank, in collaboration with the Bankers’ Committee, as part of efforts to boost job creation in Nigeria, particularly among the youth, has developed a Creative Industry Finance Initiative (CIFI).

A circular recently published by the CBN disclosed that four key areas in the creative industry are targeted for financing under the scheme. They are fashion, information technology, movie production and music distribution. Software Engineering students can also access loan from the scheme for use in their creative ventures.

According to CBN, prospective beneficiaries are only required to prepare their business plan or statement on how much they want for their business and approach their bank for the facility.

“You can get a loan of up to N3 million as a Software Engineering Student, N30 million for Movie Production business, N500 million for Movie Distribution business,” the CBN announced.

The facility covers rental/service fees for Fashion and Information Technology business and training fees, equipment fees, and rental/service fees for Music business.

The CBN added: “Go to any bank of your choice to access the fund. Tell your bank how much you need. Your bank will discuss your request and provide you with the money.”

The maximum interest rate of nine percent per annum  (all charges inclusive) is applicable to all loans with a period for the repayment of the loan ranging from three to 10 years, depending on the segment of the business.

For software engineering student loan, it is a maximum of three years to repay a loan while it takes up to 10 years for people in movie production and distribution and also fashion, information technology and music.

CBN Requirements

Prepare your business plan or statement on how much you want
for your business.

Impact

The creative industry in Nigeria is believed to have the potential to turnaround the economy, if given the right attention as the CBN and the banks are about to do under the CIFI scheme.

Although there are no precise data on the size of the Nigerian fashion market, the apparel and footwear market in sub-Saharan Africa is estimated to be worth $31 billion with the global apparel market valued at $3 trillion.

As of 2014, the film industry was worth N853.9 billion (about $5.1 billion) making it the third most valuable film industry in the world, behind the United States and India. It contributed about 1.4 per cent to Nigeria’s economy- this was attributed to the increase in the number of quality films produced and more formal distribution methods.

How we can help you?

COINBOX LIMITED is a Management consultancy firm which commenced business in 2012 and has successfully managed many projects, alongside establishing business systems that has revived dying businesses and optimised existing ones, we have also written business plans and proposals for new or existing businesses enabling them access grants and loans locally and internationally. 

We at COINBOX are experts in writing bespoke business plans and we want to help you. Our rates are pocket friendly.

Benefits of Writing a Business Plan

A well-written business plan helps business owners get their businesses off the ground and then grow.  A business plan serves as a road map to profitability and a guide for structuring and operating the business.

Prospective investors and lenders want to know what they are getting themselves into. Just as you would want to know the specifics of a mutual fund or stock portfolio before you put down money, your investors and creditors want to know if funding your business is a sound idea.

Your bankers want to know what you will do with the money you are requesting for and see clearly how you will pay back and still remain in business and the usual instrument is a well written business plan.

It is not so easy for early investors or lenders to measure a company’s performance. There isn’t adequate financial history available about new businesses, which means that you have to provide much more information about your vision and projected revenue to help them get a full view of what you’re doing or what the business is about. This is clearly defined in your business plan.

Business plans are valuable when trying to secure startup or expansion funding. Investors want to be confident that they will see a return on their investment. A business plan is a tool that can help you prove that your company is viable and poised for future growth.

 

 

Where we come in:

-We will help in writing  bankable business plans for you with financial projections of up to 3 years and more.

-We  will support you with the necessary advice required for accessing and managing the loan

ACTION

Reach out to us today: or fill your contact details below.

37A, Ramat Crescent, Ogudu GRA, Lagos.

+2349093929847

+2349083345156

 

coinboxlimited@gmail.com and bukola.oyedokun@coinboxlimited.com.ng

 

www.coinboxlimited.com

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Lazy Nigerian Youths

Are Nigerian Youths Lazy

According to Pshycology today,

A person is being lazy if he is able to carry out some activity that he ought to carry out, but is disinclined to do so because of the effort involved. Instead, he carries out the activity perfunctorily; or engages in some other, less strenuous or less boring activity; or remains idle. In short, he is being lazy if his motivation to spare himself effort trumps his motivation to do the right or expected thing.

Is above definition true for the average Nigerian youth? We went to twitter to investigate;

@Kulodesigns makes one of the best casuals and agbada on this side of the world, princess (@onebabelikethat) is a teacher who works in three different places ,sells cars and does not do anything illegal.

The lady painter(@ladypainter) paints homes and offices for a living, Kate ogechukwu is a second class upper graduate of History, she decided to go into charcoal selling to make ends meet.

Ayoyimika works 8-5 as a PR consultant and still has a side hustle called Yinxx cuisine (an online restaurant), Damilola holds a master degree in geography but sells Amala for a living.

These and more are some of the stories of the Nigerian Youth.

Ever been to Obalende at 4a.m? Or Ikeja along at 12am? You will see the entrepreneurial drive of the average Nigerian youth. Do you agree that we have #lazyNigerianYouths in general?

Drop your comments here

#lazyNigerianYouth

#businessinNigeria

#youthempowerment

#VFSME

#Voiceforsme

#entrepreneurship

#governance

#coinboxlimited