The Nigerian Export Import Bank said it had provided over N1bn loan to support various projects along the value chains in the creative and entertainment industry.
The Managing Director in a presentation made in Abuja said the amount was made available to the sector owing to the inherent opportunities and the high growth prospects of the industry.
He said the sector, which currently contributes about 1.4 per cent to the country’s Gross Domestic Product is projected to grow its contribution to double digit within the shortest time possible
Orya said in order to unlock the potentials of the sector, there is need to improve the funding commitment to the industry so as to reduce the level of unemployment and create wealth for the people.
He said, “In view of the inherent opportunities and the high growth prospects of the creative and entertainment industry, as evidenced in the 1.4 per cent contribution to the GDP and projection of double digit growth rate, NEXIM is unlocking the huge potentials of this sector through funding commitments currently in excess of N1bn in support of various projects along the value chains.
“This is in addition to developmental initiatives, targeted at ensuring that the industry operates in a structured manner and within global best practices and standards.”
Orya stated that under his management, the bank has embarked on various strategic initiatives aimed at facilitating trade, deepening the regional market and unlocking opportunities in critical sectors of the economy.
Some of the initiatives according to him are the ECOWAS trade support facility which is designed to improve the current intra-regional trade level which is currently less than 8.5 per cent,
The facility, he added, would also help to capture the huge informal intra-regional trade which is estimated at $12bn yearly by the Nigerian Export Promotion Council by supporting small traders across the region.
He also said the bank had facilitated a Regional Sealink Project to boost intra-regional trade by helping to mitigate the issues of high transportation cost and excessive transit time.
The excessive transit time, he noted, had made trade within the region to be non competitive.
The NEXIM bank boss said the management of the bank would ensure that its mandate of diversifying the external sector of the Nigerian economy away from oil is achieved.
In addition, he said the bank would facilitate more long term concessionary funds and investment capital towards developing the non oil sector of the economy
This, he added, would be achieved through export credit facilities, risk bearing facilities, export advisory services as well as trade and market information.
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