FUNDING: Steps To Apply For CBN Creative Industry Financing Initiative (CIFI)

Central Bank of Nigeria (CBN)

President Muhammadu Buhari has directed the Central Bank of Nigeria (CBN) to give money to creative young people in Nigeria, through the development of a Creative Industry Financing Initiative (CIFI)?

The CBN in collaboration with the Banks’ committee as part of efforts to boast job creation in Nigeria, particularly among the youth, has developed a creative industry Financing Initiative (CIFI).

Interested applicants in the creative industry are advised to submit applications to their banks for approval and disbursement. The initiative has four pillars: Fashion, IT, Movie & Music.

How to benefit from the Creative Industry Financing Initiative:

If your business is in any of the following areas:

Fashion
Information Technology
Movie Production
Movie Distribution
Music and
Software Engineering Student Loan
Go to any bank of your choice to access the fund. The maximum interest rate of 9.0% per annum (all charges inclusive) is applicable to all loans.

Tell your bank how much you need, your bank will discuss your request and provide you the money.

You can get a loan of up to:

1.) N3m for Software Engineering student.

2.) N30m for Movie production business.

3.) N500m for movie distribution business

4.) Cover rental/service fees for Fashion, and IT business

5.) Cover fees for training, equipment, & rentaI/service for Music business.

Period of payment:

a) For Software Engineering Student Loan, it is a maximum of three years

b) For Movie Production and distribution, it is a maximum of ten years

c) For Fashion, Information Technology (IT) and Music, it is a maximum of ten years

For more information, please visit www.cbn.gov.ng