NEXIM bank provides N1bn loan for entertainment industryBy bobricky 05:54 Tue, 30 Jun 2015 Comments
The Nigerian Export Import Bank said it had provided over
N1bn loan to support various projects along the value
chains in the creative and entertainment industry.
The Managing Director 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
He said the sector, which currently contributes about 1.4
per cent to the countryâ€™s Gross Domestic Product is
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 is need to improve the funding commitment to the
industry so as to reduce the level of unemployment and
create wealth for the people.
He said, â€œIn 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.
â€œThis is in addition to developmental initiatives, targeted at
ensuring that the industry operates in a structured manner
and within global best practices and standards.â€
Orya stated that under his management, the bank has
embarked on various strategic initiatives aimed at
facilitating trade, deepening the regional market and
unlocking opportunities in critical sectors of the economy.
Some of the initiatives according to him are the ECOWAS
trade support facility which is designed to improve the
current intra-regional trade level which is currently less
than 8.5 per cent,
The facility, he added, would also help to capture the huge
informal intra-regional trade which is estimated at $12bn
yearly by the Nigerian Export Promotion Council by
supporting small traders across the region.
He also said the bank had facilitated a Regional Sealink
Project to boost intra-regional trade by helping to mitigate
the issues of high transportation cost and excessive transit
The excessive transit time, he noted, had made trade within
the region to be non competitive.
The NEXIM bank boss said the management of the bank
would ensure that its mandate of diversifying the external
sector of the Nigerian economy away from oil is achieved.
In addition, he said the bank would facilitate more long term
concessionary funds and investment capital towards
developing the non oil sector of the economy
This, he added, would be achieved through export credit
facilities, risk bearing facilities, export advisory services as
well as trade and market information.
Please LOGIN or REGISTER To Gain Full Access To This Article