How Stanbic IBTC Is Helping To Grow Nigeria’s Creative Sector

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Demola Sogunle, Chief Executive, Stanbic IBTC Holdings PLC said the bank has provided flexible funding at low-interest rates for practitioners in the creative industry among other innovative ideas to support and aid the growth of the sector.

Sogunle who highlighted various innovations to aid the sector also spoke of the bank’s sponsorship of Art X to encourage creativity, and initiatives like ‘The Entertainment Fair and the Festival conference’ (TEFEST) to showcase world-class acts in Nigeria. 

The bank’s support for the industry owes to the fact that Nigeria’s creative industry is filled with many brilliant young talents who are endowed with great potential and that Stanbic IBTC believes that, if nurtured and harnessed strategically, the creative sector would make significant contributions to the Nigerian economy in enhancing competitiveness, productivity, substantial growth, and employment opportunities.

Sogunle revealed that the bank targets events that foster and showcase world-class innovation around the entertainment business in Africa and proffer solutions to improving the business relations of the industry.

He restated the commitment of Stanbic IBTC Holdings PLC to develop a sustainable impact in the global creative industry and contribute to the growth and advancement of the Nigerian creative industry through world-class products, value-driven opportunities, and partnerships.

The financial institution supports key stakeholders in the creative space through growth-oriented solutions and opportunities such as funding, visibility, partnerships, sponsorships, and collaborations that had alleviated some of the challenges the industry faced.

The commitment, Sogunle said stems from the creative industry’s potential in tackling unemployment in Nigeria through job creation, adding that, Stanbic IBTC in partnership with entertainment industry players, established cinemas with advanced infrastructure which is a testament to the organisation’s commitment to the sector.

Also, in line with the Central Bank of Nigeria (CBN)-led Creative Industry Financing Initiative, he noted that the banking subsidiary continues to set aside 5 per cent of its profit after tax to lend to the creative sector players at a subsidized interest rate through which individuals in the creative space have benefitted from flexible funding at low-interest rates that helped to drive the growth of the creative industry.

Stanbic IBTC’s sponsored Art X is also said to have propelled the awareness of the artistry and creativity of Nigerians to the world. The event positively impacted the economy as it provided talents with the opportunity to tell African stories through their arts and display their works to interested clients. The financial institution also gave room for students across various schools in Nigeria to be part of the experience, thereby exposing them to the artistic world and motivating them to harness their talents and skills.