Following the efforts to tackle unemployment among the youths of Nigeria, the Central Bank of Nigeria (CBN) in collaboration with the Bankers’ Committee, have created a platform known as the Creative Industry Financing Initiative (CIFI), to ensure that youths with entrepreneurial acumen receive the necessary support to bring their ideas and innovations to reality.
The Creative Industry Financing Initiative (CIFI), which has Fashion, Information Technology, Movie, and Music as its center of focus is expected to play a key role in the economy by creating job opportunities in order to reduce the level of unemployment in the country.
Qualified candidates for the programme will:
- Access up to ₦3 million for Software Engineering Student loan
- Access up to ₦30 million for Movie Production business
- Access up to ₦500 million for Movie Distribution business
- Cover rental/service fees for Fashion and Information Technology business
- Cover training fees, equipment fees, and rental/service fees for the Music business
- Have a maximum interest rate of 9.0% per annum (all charges inclusive) applicable to the loan
Candidates interested in the Creative Industry Financing Initiative (CIFI). must:
- Have a well-outlined business plan (clearly stating the needed amount)
- Business in fashion, music, movie production, movie distribution, information technology, and software engineering
Loan Repayment Period
To repay the loan, applicants who successfully access loans will have a maximum of;
- Three years for software engineering student loan
- 10 years for movie production and distribution
- 10 years for music, fashion and information technology
How to apply
Interested applicants for the Creative Industry Financing Initiative (CIFI) are requested to visit their banks with a prepared business plan for approval and disbursement of funds. For more details on getting the fund, you could visit the website.
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