No fewer than 200,000 jobs will be created in the creative industry, Minister of Information and Culture, Alhaji Lai Mohammed, has said.
His declaration on Friday followed a Memorandum of Understanding (MoU) between the National Council for Arts and Culture (NCAC) and the Bank of Industry (BoI).
With the MoU, N300million loan will be available for stakeholders in the creative industry.
In a statement by his Special Assistant (SA) to the Minister of Information, Segun Adeyemi, Mohammed made the declaration when the director general of the council, Otunba Olusegun Runsewe, presented to him the MoU which was signed earlier in the day.
“I have been reliably informed that top on the list of the benefits that will accrue from this landmark MoU is that it will create over 200,000 jobs for the sector. This is epochal, and it is in line with one of the cardinal programmes of this administration, which is job creation and empowerment.
“The MoU will also act as a catalyst for the development of the country’s craft industries, create a financing window and make available loanable funds to be accessed by all NCAC stakeholders, as well as assist the stakeholders in capacity building.”
The minister added the new development would equip those in the industry to compete favourably at the global markets.
This is because it would help build their ability to meet international standard.
Speaking at the occasion, Runsewe said the development was significant as it was the first time that the sector would get such funding from a financial institution with a single digit interest rate.