BY ESE DIBEBI
According to a document obtained by Leadership Sunday, eight companies have so far obtained approvals to access the African Development Bank‘s N1.2 billion Creative and Entertainment Industry Loan Scheme.
This much information was disclosed by the Bashir M. Wali-led management of Nigeria Export-Import Bank (NEXIM).
Part of the document reads, “The US$200 million is a line of credit facility from the African Development Bank that is under sovereign guarantee arrangement provided by the federal government. Currently eight companies obtained approvals under the bank’s Creative and Entertainment Industry Loan Scheme in the total sum of N1.2 billion of which about N800million was cumulatively disbursed to five beneficiary projects.”
“However, based on complaints from stakeholders on the accessibility, it is instructive to highlight that former President Goodluck Jonathan approved N3 billion as funding grant under Project ACT Nollywood (Activating Creativity and Technology in Nollywood) in which there were several beneficiaries and with disbursements of about N2 billion provided grant funding support that was handled by the Federal Ministry of Finance.”
“The bank’s Creative and Entertainment Industry Loan Scheme is the only product that was developed essentially for all the industry’s value-chain after a technical study / advisory support from the EXIM India who are also involved in supporting Bollywood in India,” Wali is quoted to have said.
The identities of the companies who have accessed the fund are however unclear at the moment.