Creative Industry Financing Initiative
The CBN and the Bankers' Committee established the CIFI in 2018 as part of efforts to boost job creation in Nigeria, particularly among the youth. The initiative has four Verticals: Fashion, Information Technology, Movie, Music, and depending on the vertical, applicants can access loans ranging from ₦3 million to ₦50 million, and ₦500 million for movie distribution business. Training, equipment and rental/service fees also be covered under the facility for fashion and other ICT entrepreneurs.
Objectives of the Facility
- To improve access to long-term, low-cost financing to entrepreneurs and investors in the Nigerian creative and information technology (IT) sub-sectors
- Initiative targeted at:
- Existing enterprises in the creative industry;
- Start-ups engaged in the creative industry; and
- Students of higher institutions engaged in software development.