The Central Bank Creative Industry Loan Sham!!!

Central Bank of Nigeria

I guess by now the euphoria that greeted the CBN collaboration with the Bankers’ Committee as part of their pretentious efforts to boost job creation in Nigeria must have been replaced with anger.

The Creative Industry Financing Initiative (CIFI) for Interested applicants which states amongst other baits to attract practitioners that: “…..the Creative Industry are hereby advised to submit applications to their banks for approval and disbursement”

According to central bank, the only prerequisite for accessing this loan is:

“2.1 Prepare your business plan or statement on how much you want for your business.”
“2.3 Go to any bank of your choice to access the fund.”
“3.0 Tell your bank how much you need.” 
“4.0 Your bank will discuss your request and provide you the money.”

For those who don’t know the details please visit: www.cbn.gov.ng

The news of this initiative still pervades the air, and I can imagine how most of my colleagues felt when they read this purported deviation from a negative course of action especially when it comes from a clime that is notoriously known to be care less about the welfare or economic empowerment and growth of its citizenry.

This is a clarion call to all who have been deceived by this tactical plot to maneuver people to believe that the apex bank is supporting the creative industry and other industries with easily accessible loans to disregard the initiative because it is a sham. If you have applied for it your bubble would have been bursted by now and for those who are about to apply for it, please don’t’ break a sweat, otherwise you will be confronted with the usual repelling prerequisite for accessing a loan which is to have commensurate collateral.

Banks have been instructed by CBN to make sure they secure the loan by attaching security conditions before issuing it. If this is not a sham, how else do you explain the volte-face condition that says secure the loan, otherwise bear the consequence?

This buttresses the fact that our history is replete with leadership dilemma that is synonymous with indifference level that is historically detached from the people it is meant to serve. The leadership disinterest and stratagem that Nigerians are still being subjected to is so legendary that the past and present situations have subjected Nigerians to situations of accepting the devil’s alternative which compels Nigerians to choose and accept one of two or more unsatisfactory policy alternatives.
 
This piece is to propel my colleagues to speak out against this central bank ruse and not to embrace any
form of reasoning that will lead to accepting undesirable alternatives. 

By Leo Onwordi