The Central Bank of Nigeria in partnership with the Banker’s committee recently launched Creative Industry Financing Initiative (CIFI) aimed at improving access to low-cost sustainable funding for entrepreneurs in the creative/IT sector.
The program, though not a grant, offers one of the lowest interest rates in the country at 9%. And it is open to youths with business ideas in Fashion, IT, Movie and Music.
- Designers – seed funds of N4.0 billion
- Information Technology – N5.5 billion
- Student Software development – N1.0 billion
- Movie Production – N3.0 billion
- Movie Distribution – N4.0 billion
- The maximum amount an individual beneficiary can access.
- Fashion – N3 Million payable in 3 years at 9% interest with 36 months moratorium.
- Student Software development – N3 Million payable in 3 years at 9% interest with 18 months moratorium.
- Information Technology – N50.0 million payable in 10 years at 9% interest with 36 months moratorium.
- Movie Production – N50.0 Million payable in 10 years at 9% interest with 24 months of moratorium.
- Movie Distribution – N500.0 million payable in 10 years at 9% interest with 24 months of moratorium
- Music – N500.0 million payable in 10 years at 9% interest with 36 months of moratorium
- Must b a Nigerian with business domiciled in the country.
- Must have an existing business in the creative industry.
- Or a tech company engaged in the creative industry
- Or a student of higher learning engaged in Software development.
- The business must be in any of the verticals: Fashion, IT, Movie production and distribution and Music.
How to apply
Visit the CBN website here to learn about the application process.