Creative industry’s initiative to reduce unemployment

Investors in the nation’s capital market have said that the Central Bank of Nigeria (CBN) intervention in the critical sector of the economy, particularly,Creative Industry Financing Initiative (CIFI) will help to reduce unemployment in the country.

They said that the initiative would not only bring growth in the industry but will greatly enhanced the key player in the sector to optimise their potential.

Commenting on the implementation of the Initiative, an agriculturist, Mr Cecil Jones said CBN intervention in the agricultural sector has helped to boost food production, noting that creative industry financing initiative would not be excemptional, it will  record huge success like every other one.

He said apart from creating job opportunities in the country, the initiative would wage war against poverty, reduce crime in the system.

He said that with the funding intervention the creative industry in Nigeria would have the capacity to create a lot of jobs across some areas like make up and management, creative design, embark on training and retraining of young ones among others, while skill acquisition of skill would be other of the day.

A fashion designer, Mrs Ifeoma Okeke said that such initiative would improve access to cheap funds for expansion in the industry, adding that it would harness the entrepreneurial potentials of the youth within Nigerian creative and information technology for economic development.

She said although the funding would bring growth in the sector and economy in general, the high rate piracy in the industry may  frustrate the efforts of growing the sector.

She said in as much as the intervention fund would help operators in the industry to reprofile the technical quality of production and position the country to compete in the creative industry internationally, there is need to strengthen the enabling laws and seek more efficient ways to track and punish any one caught in the crime of piracy.

The apex bank in collaboration with the bankers committee introduced creative industry financing initiative to improve access to long term low cost financing for entrepreneur and investors in the Nigerian creative and information technology.

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