The Bank of Industry (BoI) and the Africa Development Bank (ADB) are set to release a $500 million credit facility.
All formalities for the release of the fund, out of which $200 million is meant for the financing of Nigeria’s sprawling Entertainment Industry with the balance going into Small and Medium Enterprises (SMEs) have been concluded, BoI disclosed to THISDAY weekend.
Managing Director and Chief Executive of the bank Ms. Evelyn Oputu, dropped the hint in Lagos, at a capacity building programme themed: ‘Enhancing the Role of Media in Development Financing’ organised for business journalists by the bank.
Oputu said even though BoI had not yet received the fund from ADB, it had already released up to N1 billion to finance very promising entertainment ventures that needed to begin urgently.
