NEXIM Bank Offers 1Billion Naira Loan to Entertainment Industry

Robert Orya, Managing Director, NEXIM Bank

The Nigerian Export Import Bank has provided over N1bn loan to support various projects in the creative and entertainment industry.

Mr. Robert Orya, Managing Director, NEXIM Bank, in a presentation made in Abuja, said the amount was made available to the sector owing to the inherent opportunities and the high growth prospects of the industry.

Accordingly to Orya, the sector, which currently contributes about 1.4 per cent to the country’s Gross Domestic Product, was projected to grow its contribution to double digit within the shortest time possible

Orya said in order to unlock the potentials of the sector, there was need to fund the industry so as to reduce the level of unemployment and create wealth for the people.

He said, “In view of the inherent opportunities and the high growth prospects of the creative and entertainment industry, as evidenced in the 1.4 per cent contribution to the GDP and projection of double digit growth rate, NEXIM is unlocking the huge potentials of this sector through funding commitments currently in excess of N1bn in support of various projects along the value chains.

“This is in addition to developmental initiatives, targeted at ensuring that the industry operates in a structured manner and within global best practices and standards.”