Fashion, IT, movie, music creative businesses should leverage CIFI for funding


Share post:

The Creative Industry Financing Initiative (CIFI) was created last year May via the collaboration of the Central Bank of Nigeria and the Bankers Committee. With a seed fund of N22.9 billion in its kitty, the initiative aims to boost job creation among Nigerian youths by supporting entrepreneurial efforts in the creative industry comprising mainly fashion, Information Technology, movie, and music.

Although not many entrepreneurs are aware of this, the fund is still being administered. Entrepreneurs with valid business proposals aimed at taking advantage of the specified creative fields are taking advantage of it.

In scope, the administration of the CIFI covers:

a. Existing enterprises in the creative industry;

b.Start-ups engaged in the creative industry; and

c. Students of higher institutions engaged in software development.

Creative businesses which fall within coverage of the initiative can access between N3 million and N500 million loans. While all registered commercial banks in Nigeria are considered as Participating Financial Institutions (PFIs), interested entrepreneurs are expected to submit proposals with clear business plan, execution, model, and amount needed, to the closest bank. The bank will scrutinize the proposal. If it finds the business proposal good enough it then sends it to the Central Bank which will make the fund available to the particular bank for disbursement. This is after terms of repayment have been agreed though.

Since funding has been one of the banes of entrepreneurship development in Nigeria, if your business falls with the specified sub-sector and scope, you should approach your bank to get more insight.

Toyin Afilaka
Toyin Afilaka
Toyin Afilaka writes with simplicity and insight. He aims to enrich the Nigerian small business landscape. Through Hustle24 he connects entrepreneurs with information about new policies, enterprise solutions and opportunities that will aid their 'hustle'. He has written extensively for CobraReview, a product review portal, and served as a lead project manager for MarketingMix where he consulted as PR consultant for MTN Project Fame and Business Next Titan etc.


Please enter your comment!
Please enter your name here
Captcha verification failed!
CAPTCHA user score failed. Please contact us!

Related articles

4 strategies from Bezos that would change your business

Success sometimes can grow to become a craft that leaves behind trails for others to follow. Jeff Bezos...

How to cultivate a purposeful culture

Sarah Turner, the founder and chief executive officer of an eponymous agency, provides interesting insights into how to...

20 Types Of Content To Help You Attract Prospects And Win Customers – Renae Gregoire

If you know deep inside that you need to be doing more to connect regularly with your audience...

High prospect for real estate investment in Nigeria – Bartholomew Egbochie, CEO, ATCO Homes

Lagos, Oct 4, 2023 - The Nigeria real estate sector provides ample investment opportunities. According Bartholomew Egbochie, the...