FG supporting talented stars like Burna Boy, Wizkid with N300m loan – VP Osinbajo
Vice President, Prof Yemi Osinbajo says the Bank of Industry, (BOI) in collaboration with the National Council for Arts and Culture, has secured a N300 million loan for Nigeria’s creative sector, which houses the entertainment industry that produced music stars like Burna Boy and Wizkid.
Osinbajo’s spokesperson, Laolu Akande, in a statement on Sunday, said the vice president disclosed this at the opening of Ogidi Studios, a Temple Company-owned world-class creative complex, hosting recording, film production, animation, and writing studios in Lagos.
Osinbajo said the committee is committed to an investing N25 billion as initial funding for developing the Nigeria Creative Centre at the National Theatre, Lagos.
He stated further; “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.”
Regarding the studios, he noted, “Now the stars, not just Nigerian stars, but from all over 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 can take place under one roof at the Ogidi Studios.”
Citing Burna Boy and Wizkid as examples of Nigerian talents taking the entertainment industry by storm by winning the Grammy Awards, Osinbajo said the environment is prepared for Nigeria to produce more creative talents across the industry’s value chain.
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“On March 14, Burna Boy and Wizkid took the entertainment industry by storm, winning the Grammy Awards and established themselves as amongst the best musicians in the world.
“Burna Boy won in the ‘Best Global Music Album’ category for the ‘Twice As Tall’ Album and Wizkid; the real Starboy, in the Best Music Video category for his feature in the song ‘Brown Skin Girl,’” he said.