The Central Bank of Nigeria (CBN), in collaboration with Banker's Committee, as part of efforts to boost job creation in Nigeria, particularly among the youth , has introduced the Creative Industry Financing Initiative (CIFI) with a view to improving access to long-term low-cost financing enterpreneurs and investors in the Nigerian Creative and Information Technology (IT) sub-sectors.
Eligible activities under CIFI are; Existing enterprises in the creative industry; and students of higher institutions engaged in software development . The verticals for financing under the eligible activities are Fashion, Information Technology, Movie and Music.
The CBN would release funds to participating Financial Institutions (PFIs), Jaiz Bank Plc, TAJ Bank Ltd., non-interest microfinance banks are eligible PFIs. The PFIs would finance the eligible activity using any of the approved CBN non-interest financing products of NIFIs ( Murabahah , Salam, Istina, Ijarah etc). The rate of return shall be an all-inclusive 9% to be shared among the parties at a ratio to be determined from time to time by CBN.
If you are interested then approach your bank with a strong business plan & apply for the Creative Industry Financing Industry Initiative ( CIFI)
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