The Creative Industry Financing Initiative (CIFI) is a relief fund by Central Bank of Nigeria (CBN) in collaboration with the Bankers’ Committee, targeted at boosting job creation in the country, particularly among youths in Fashion, Information Technology, Movie and Music industries.
The project was initially unveiled in May 2019, with the promise of making it easier for small and creative businesses to collect loans up to the tune of 500 million Naira. Interested applicants can now submit their applications to their banks for approval and subsequent disbursement.
Do ensure that you have a solid business plan before reaching out to your bank to discuss, analyse your request and if successful disburse the funds.
Also note that a maximum interest rate of 9% per annum (all charges inclusive) is applicable to all loans. The repayment plan and period will differ across business sectors from software engineer to fashion and Information Technology.
- N3 million for a Software Engineering Student
- N30 million for a Movie Production business
- N500 million for a Movie Distribution business
- Cover your rental/service fees for Fashion and Information Technology businesses
- Cover your training fees, equipment fees and rental/service fees for Music business
Borrowing the words of Afropop star and music executive, Oluwatosin Ajibade popularly known as Mr Eazi–– “The African creative entrepreneur is in a constant battle between survival today and projecting into the future. It will take a lot both in the private and public sector to address the lack of capital and help todays entrepreneurs sacrifice for the next generation. Until then, the only way to combat the weakness that comes with the absence of capital is to leverage on the strength of collaborations across our continent and beyond”.
For more information, you can visit www.cbn.gov.ng