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The Federal Government is set to empower 35 creative firms with  N7 billion in order to enhance the growth of the industry.

The fund was designed by the government in a bid to continue pushing for the diversification of the economy from being oil-dependent to creating substantial revenue sources in other sectors in Nigeria.

CBN unveils the Creative Industry Financing Initiative, offers N500m loans

The N7 billion would be disbursed by the Bank of Industry to 35 creative firms in content production, content distribution, production equipment and digital transmission equipment, among others, to facilitate the growth of local contents against saturation of foreign contents.

According to Minister of Finance, Budget and National Planning, Zainab Ahmed, who disclosed this at the Greeners Business-to-Business Annual National Economic Dialogue 2020 held in Abuja during the weekend, explained that the initiative was designed as a  skill acquisition programme through N-Power.

Job creation: N-Power, an empowerment programme created by the Nigerian government, developed 5,000 young creative talents, and the financial support recently approved would ensure craft like creative talents continue to receive the necessary support.

[READ MORE: Nigeria collaborates with the United States to push creative industry)

Ahmed, who was represented at the event by her Special Adviser on Information and Communication Technology, Armstrong Takang, said the N-power beneficiaries were trained and certified in animation, graphic design, post-production and scriptwriting.

She added that the intention of FG was to position Nigeria’s creative industry as exporters of world-class services and content in the global market.

FG’s measures to support local content have not just been restricted to finance or empowerment programme. The government has also rolled out policies such as the new broadcast media regulation announced early January of this year.

Nairametrics had reported that it would no longer be business as usual for foreign broadcasters that monopolise or engaged in anti-competitive practices against local players. The regulation ensures broadcast media meet the regulatory requirements for 70% local content.

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When implemented, content providers and producers will be rewarded for their contribution to the broadcast media. Producers of content will be paid promptly for adverts and sponsored content placed on all TV, radio and broadcast platforms.

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