Connect with us
Advertisement
Alpha
Advertisement
Hotflex
Advertisement
Ho
Advertisement
Advertisement
Advertisement
UBA
Advertisement
Patricia
Advertisement
app

Business

BOI secures N300 million loan for creative sector – VP Osinbajo

The Vice President has disclosed that the BOI in collaboration with the NCAC has also secured a N300 million loan package for the creative sector.

Published

on

BOI secures N300 million loan for creative sector- Vice President

Vice President Yemi Osinbajo announced that the Bank of Industry(BoI), has secured a N300 Million loan for Nigerian creatives, the loan is also in partnership with the National Council for Arts and Culture.

This was disclosed by Laolu Akande, an aide to the Vice President, in a statement, on Sunday, in Abuja,  after the Vice President attended the opening of the Ogidi Studios a Lagos-based world-class creative complex, hosting recording, film production, animation, and writing studios, owned by the Temple Company.

What the Vice President is saying

“Last year, the Federal Government handed over the control of the National Theatre to the Central Bank of Nigeria and the Bankers’ Committee.

” The Bankers’ Committee has committed to an investment of N25 billion, as initial funding for the development of the Nigeria Creative Centre at the National Theatre, Lagos.

“The sector will receive support from the Central Bank of Nigeria’s Creative Industry Funds Initiative, an initiative that gives financial support to the technology and creative sector at single-digit interest rates.

“The Bank of Industry, in collaboration with the National Council for Arts and Culture, has also secured a N300 million loan package for the creative sector, the package provides the funds to the sector at single-digit interest rates with a tenor of four to five years,” he added.

Osinbajo said that studios like Ogidi would bring world-class video and sound production capacity to Nigeria, citing that stars from around the world “have a place in Lagos that is as good as any studio they have ever recorded in. World-class script writing, music recording, video making, and editing”

“The entire value chain in music and entertainment can now be local. So, we are at the cusp of a revolution in entertainment production, creative talent and services, and a major economic opening for business in Nigeria,” he added.

What you should know

  • Nairametrics reported last year that Nigeria’s Minister of Information and Culture, Alhaji Lai Mohammed, launched the Committee for the implementation of COVID-19 palliatives to Nigeria’s creative industry, with the aim of designing a plan to boost productivity in the sector during and after the pandemic.
  • In 2019, the Central Bank of Nigeria (CBN) unveiled the steps and modalities to access the funds under the Creative Industry Financing Initiative (CIFI), which will enable businesses to access loans up to the tune of N500 million.

SSKOHN
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

Just-in: President Buhari restores ownership of OML 123, 124, 126 and 137 to NNPC

The President has ordered the restoration of ownership of OML 123, others to NNPC.

Published

on

Buhari sacks DG National Directorate of Employment, Nasiru Argungu

President Muhammadu Buhari has approved the restoration of the leases on OMLs 123, 124, 126 and 137 to the Nigeria National Petroleum Corporation (NNPC) which is in a production sharing contract with the Chinese government-0wned, Addax Petroleum.

This is in line with the current administration’s rule of law, fairness and enabling a stable business environment for businesses.

This disclosure is contained in a statement issued by the Senior Special Assistant to the President on Media and Publicity, Garba Shehu, through a series of tweet posts on his official Twitter handle on Friday, April 23, 2021.

The President directed the Department of Petroleum Resources (DPR) to retract the letter of revocation of the leases, while also directing NNPC to utilize contractual provisions to resolve issues in line with extant provisions of the Production Sharing Contract arrangement between NNPC and Addax.

What the Presidential Media Aide is saying in the statement

The statement from Garba Shehu partly reads, ‘’In line with the current administration’s commitment to the rule of law, fairness and enabling a stable business climate for investment, President Muhammadu Buhari has approved the restoration of the leases on OMLs 123, 124, 126 and 137 to NNPC Group which is in production sharing contract with Addax Petroleum, a company wholly owned by Government of the People’s Republic of China on the blocks. The leases belonging to the Federation were revoked on March 30, 2021.

‘’This development reaffirms the commitment of President Buhari to the rule of law and sanctity of contracts. While directing the Department of Petroleum Resources, DPR to retract the letter pf revocation of the leases, the President also directed NNPC to utilize contractual provisions to resolve issues in line with the extant provisions of the Production Sharing Contract arrangement between NNPC and Addax.’’

Shehu in his statement also said that the restoration of the blocks to NNPC will boost the organisation’s portfolio, thereby making the corporation to, in the long run, boost its crude oil production and in turn increase the revenue it generates to the Federation Account

Hotflex

SSKOHN

Continue Reading

Business

Dangote acquires 400 trucks from ANAMMCO plant in Enugu, brings total to 4,000

Dangote Group has taken delivery of another set of 400 Shacman trucks from Transit Support Services Limited and assembled in the former ANAMMCO plant in Enugu.

Published

on

Dangote Cement, Dangote Dividends, Dangote on Forbe's richest list, Dangote Refinery, Africa's wealthiest billionaires, Aliko Dangote, Apapa Road, Flour Mills, Sugar, Pasta, Employment, Dangote boasts of creating over 25,000 jobs with cement business 

The Dangote Group has taken delivery of another set of 400 Shacman trucks from Transit Support Services Limited and assembled in the former ANAMMCO plant in Enugu.

This brings the total number of trucks bought by the Dangote Group from Transit Support Services Limited to about 4,000 units since the entry of the brand into the country in 2016.

According to a report from the Punch, this disclosure is contained in a statement issued by the Head of Public Relations and Media at the Transit Support Services Limited, Iyere Ikhide.

Ikhide in the statement said that the Dangote-Shacman partnership has led to the resuscitation of the ANAMMCO plant in Enugu.

It described Dangote as the biggest customer of the Enugu-based auto assembler, noting that the partnership had resulted in the provision of more jobs for many youths; rejuvenation of the Onne Port in Rivers State and the attendant economic benefits.

The statement from Transit Support Services Limited partly reads, “Following the partnership deal and commitments to quality, the biggest customer of Shacman brand in Nigeria, Dangote Group, has taken delivery of additional 400 units of Shacman trucks.

Dangote Group has since the entrance of Shacman vehicles into the Nigerian market through Transit Support Services Limited as Shacman Nigeria six years ago, bought over 3,500 units of the brand.’’

What you should know

  • It can be recalled that in February 2020, the largest Indigenous Industrial Conglomerate in West Africa, the Dangote Group, invested about N63 billion in a local automaker with an assembling plant in Enugu with the purchase of 3,500 trucks while going into a long-term partnership with them.
  • The automaker, which goes by the name Transit Support Services Limited, went into a long-term agreement with Dangote Group and has already supplied 3,500 Shacman trucks to the company from its Anambra Motor Manufacturing Company assembly plant in Emene Enugu State.

Continue Reading

  





Nairametrics | Company Earnings

Access our Live Feed portal for the latest company earnings as they drop.