Connect with us
nairametrics
UBA ads

Business News

CBN to boost creative industry with N22 billion 

The Central Bank of Nigeria (CBN) is set to officially commence the implementation of the N22 billion Creative industry development scheme.

Published

on

CBN, Key lending rate, CBN to boost creative industry with N22 billion , CBN increases LDR to 65%, sets December deadline, External reserves drop by $3.2 billion in Q3’19 , Banks' loans to Oil and Gas, Power, other sectors drop by N411.8 billion 

The Central Bank of Nigeria (CBN) is set to officially commence the implementation of the N22 billion Creative industry development scheme. This was disclosed by the CBN Governor, Godwin Emefiele, at the Creative Nigeria Summit.  

Emefiele made known that a 40-acre Creative Industry park would be developed around the National Theatre in Lagos with similar parks to be located in Kano, Port Harcourt or Enugu

UBA ADS

[READ MORE: CBN makes case for PSBs, cautions Banks, PSBs against demarketing]

The Creative Industry Initiative, he said was aimed at unlocking the creative talents of Nigerian youths and was designed to generate 800,000 jobs in the movie, music and fashion sectors, and increase the revenue of the industry by $300 million.  

“Our goal through the establishment of these parks is to create an environment where startups and existing businesses can be incubated and rewarded for their creativity. In each of these parks, efforts will be focused on discovering the most innovative young entrepreneurs across the music, movie, fashion and IT industries.  

GTBank 728 x 90

 “Each park will be able to support skills acquisition for over 200,000 Nigerians. These individuals will be empowered with funds at a single-digit interest rate, state-of-the-art tools, high-level training and networks, that will enable them to turn their ideas into a reality,” Emefiele said. 

The Plan: The CBN governor stated that throughout the initiative, over a 5 year period, 50 additional cinemas would be developed across the country. This, he said would increase the contribution of the movie industry to the nation’s Gross Domestic Product (GDP) to 3% from the current level of 1%. 

The plan is said to create over 200,000 direct and indirect jobs in the country. Just like the movie industry, the music industry would also be expanding through this initiative, as over the next five years, young Nigerians would be able to capture significant market share of the $10.7 billion music industry. It would also create over 500,000 direct and indirect jobs.  

[READ ALSO: This is when CBN will cut Monetary Policy Rate – Emefiele]

Nairametrics had reported when the CBN unveiled the Creative Industry Financing Initiative (CIFI) earlier, in May this year which was to enable the creative sector to get loans to support their businesses. Also, it was borne out of the committee’s conviction that the sector holds the key to job creation, poverty reduction, and inclusive growth

 

app

first bank

Chidinma holds a degree in Mass communication from Caleb University Lagos and a Masters in view in Public Relations. She strongly believes in self development which has made her volunteer with an NGO on girl child development. She loves writing, reading and travelling. You may contact her via - [email protected]

Click to comment

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Business News

COVID-19: World Bank approves $114 million response funds for Nigeria

FG is expected to provide grants from the CoPREP to the 36 states and the FCT.

Published

on

World Bank approves $2.2 billion loan for Nigeria

The World Bank has approved the sum of $114 million to assist Nigeria in its fight against the coronavirus pandemic.

The fund is to help Nigeria prevent, identify and respond to the dangers associated with the coronavirus disease with special focus on the various states and the Federal Capital Territory.

UBA ADS

This was disclosed in a statement from the bank on Friday, August 7, 2020.

According to the statement, the funds come in the form of $100 million credit facility from the International Development Association (IDA) and $14 million grant from the Pandemic Emergency Financing Facility.

It also states that the Federal Government is expected to provide grants from the COVID-19 Preparedness and Response Project (CoPREP) to the 36 states and the Federal Capital Territory.

GTBank 728 x 90

The World Bank Director for Nigeria, Shubham Chaudhuri, in a statement on Friday, said, “Nigeria has ramped up its efforts to contain the Covid-19 outbreak, but more needs to be done at the states level, which are at the front line of the response.”

He disclosed that the project would provide the states with the much needed direct technical and fiscal support in order to strengthen their position in the fight against the pandemic.

The World Bank Chief also pointed out that the project would finance federal procurements of medical equipment, laboratory tests and medicines to be distributed to the states based on their needs.

According to the World Bank, CoPREP would finance further support to all the 36 states and the FCT through the NCDC to implement the COVID-19 Incident Action Plan.

Nigeria has recorded about 45,687 confirmed cases of the coronavirus disease with 936 fatalities and 32,637 people discharged as at August 7, 2020. Some serious concerns have been raised about the country’s testing capacity, which though has improved is still regarded as inadequate.

app
first bank
Continue Reading

Sports

How Nike rejection birthed sports wear industry in Nigeria

To Udezue, sport is more about creating opportunities than just winning trophies.

Published

on

How Nike rejection birthed sports wear industry in Nigeria

For many years, Nigerian sports had to depend on foreign brands for all kinds of sporting and leisure wears. In doing this, Nigeria was also ceding to these countries the opportunities that came with the business of sports. None of these changed, until Africa for Africa (AFA) Sports started out in Nigeria years ago.

Recently on Nairametrics Business Half Hour show, Founder of Africa for Africa (AFA) Sports talked about how Nike’s rejection became the birth of an industry in Nigeria.

UBA ADS

Ugo Udezue had come to Nigeria to establish the Continental Basketball League, (CBL) after spending 17 years with BDA Sports management in California. At this time, he saw sports as being “more about creating opportunities than just winning trophies”.

READ MORE: How the United States plans to control the African Development Bank

What he saw was the prospects of creating a whole economy built around the game – alternate relaxation options for workers who had spent long hours at work, and better opportunities for people to trade their wares and entertain guests during the games.

GTBank 728 x 90

A major kitting challenge came up for the CBL, as most of the foreign brands did not seem to cater for the African climate. The kits and balls being used had been designed by foreign brands using their weather condition and environment as the guiding factor. Because of this, they could not cater to the needs of the Nigerian basketball players.

“The balls were not designed to absorb sweat and so the players kept dropping the balls. Even the jerseys and shoes had clearly not been designed for the African weather since we did not play the game in air-conditioned courts,” he explained.

READ MORE: Is sports betting gradually making Nigerian youths lazy?

When Udezue reached out to Nike to seek Apparel sponsorship for the CBL, he received the shocking news that “Africa was not in their plans at the time”.

This rejection, though a short term challenge, became the inspiration behind founding AFA Sports, done by Africans to cater to the sporting needs of Africans.

As you may well know, there were foreign companies sponsoring Nigerian teams at the time, making jerseys and other apparel. But because they were not producing these things locally, they were depriving the country of the opportunities and benefits which should have come with such ventures.

app

Gradually, Udezue and his team moved from the initial years of chaos and unprofitability, to growing AFA Sports into the biggest performing sports brand in Africa. The company’s products are now shipped to different countries.

In a couple of years, the dream started to materialise when AFA sports became the official apparel sponsor of the Nigerian National Basketball team D’Tigers during the Afro Basket 2017 competition. It was a major game-changer for sporting in Africa.

beyondperception

READ ALSO: Kobe Bryant: What Nigerian athletes, business owners must learn

Coronation ads

An industry waiting to explode

Manufacturing in Nigeria is often thought of along the lines or agricultural and industrial products, without much attention on the sporting and leisure industry. From jerseys to tracksuits, leisure wears, boots, balls, caps and others, there is a whole economy waiting to be explored.

“I saw sports as a way to create wealth. I realised that it was an opportunity to create jobs for Nigerians while meeting the need for football clothing, and for as long we keep sourcing these materials from the foreign brands, we will miss out on ways we could have used it to empower our economy,” Udezue said.

thegreenafricaproject 300x250

With these items produced locally at the factories and even exported to other countries, jobs are created for Nigerians. AFA sports, for instance, has three factories in Lagos state where it employs people to carry out its productions of sports and leisure wears.

READ MORE: COVID-19: Shutdown of sports is crippling the world economy – Oma Akatugba

GTBank 728 x 90

Beyond saving Nigeria the cost implications of importing such products, the products are now being exported to other African countries bringing in some foreign exchange for Nigeria.

As Nigeria moves towards self-sufficiency, there is the need to pay attention to the sports economy and its attendant benefits. Much more than sponsorships, hosting games in local economy can turn the fortunes of small business owners in the locality, given them a wider market and increased income.

first bank
Continue Reading

Tech News

Facebook, Microsoft lash out at Apple over gaming apps

Microsoft and Facebook facing challenges in bringing cloud gaming services on iOS devices.

Published

on

Apple iPhone 11, Tax battle: Apple challenges $14 billion court case , Apple to pay $500 million settlement in lawsuit over slow iPhones, Apple supplier Foxconn to reopen manufacturing base in China, Apple donates 10 million face masks to healthcare workers, App developers can now challenge Apple store guidelines 

The world’s leading technology brands, Facebook and Microsoft, recently bashed Apple for its restrictive App Store policies, which they claim prevents them from launching their gaming services on Apple devices.

Microsoft also disclosed that it will no longer be launching a limited testing version of the app on iOS. The gaming platform Microsoft had created for Apple devices can only support one game, which Microsoft said was due to Apple’s App Store policies.

UBA ADS

READ MORE: Apple, Facebook record impressive earning results in spite of COVID-19 disruptions

Microsoft’s concern

Microsoft revealed that such policies set by Apple will make it unable to launch its game streaming service commercially on iOS due to these limitations.

GTBank 728 x 90

“Unfortunately, we do not have a path to bring our vision of cloud gaming with Xbox Game Pass Ultimate to gamers on iOS via the Apple App Store,” a Microsoft spokesperson said in a statement Friday.

“Apple stands alone as the only general-purpose platform to deny consumers from cloud gaming and game subscription services like Xbox Game Pass. And it consistently treats gaming apps differently, applying more lenient rules to non-gaming apps even when they include interactive content.”

READ ALSO: Facebook rivals TikTok with launch of video-sharing product inside instagram

Facebook’s concern

The social media giant finally struggled to launch an Apple version of its gaming app on Friday, but it disclosed that it was compelled to make a concession to bring it on Apple’s App Store and had to remove the ability to play games instantly.

“Unfortunately, we had to remove gameplay functionality entirely in order to get Apple’s approval on the standalone Facebook Gaming app – meaning iOS users have an inferior experience to those using Android,” Facebook’s Chief Operating Officer Sheryl Sandberg said in a statement Friday.

app

“We’re staying focused on building communities for the more than 380 million people who play games on Facebook every month — whether Apple allows it in a standalone app or not.”

Microsoft and Facebook seem not to be the only ones facing challenges in bringing cloud gaming services on iOS devices. Google’s Stadia and Nvidia’s GeForce had also experienced difficulties in launching iOS versions of their apps due to the App Store’s guidelines.

beyondperception

READ MORE: Apple unveils a new credit card, Apple Card

Coronation ads

Will Apple cave in?

“There is quite a lot of pressure building from different entities, and they are attempting to build consumer awareness of the issues involved as a way to convince Apple to change its policies,” Piers Harding-Rolls, research director of games at Ampere Analysis, told CNBC.

thegreenafricaproject 300x250

“Is it inevitable that Apple will cave in? Not necessarily. Apple is plowing its own path with privacy and how it wants to manage its ecosystem.”

GTBank 728 x 90
first bank
Continue Reading
Advertisement
Advertisement
first bank
Advertisement
Advertisement
first bank
Advertisement
Heritage bank
Advertisement
beyondperception
Advertisement
devland
Advertisement
GTBank 728 x 90
Advertisement
Advertisement
financial calculator
Advertisement
deals book
Advertisement
app
Advertisement