The Minister of Information and Culture, Alhaji Lai Mohammed, has said the Memorandum of Understanding (MoU) between the National Council for Arts and Culture (NCAC) and Bank of Industry (BoI), which makes available N300 million loan for stakeholders in the creative industry, will create 200,000 jobs in the sector.
The Minister said this in Abuja recently when the Director General of the Council, Otunba Olusegun Runsewe, presented to him the signed MoU.
“I have been reliably informed that top on the list of the benefits that will accrue from this landmark MoU is that it will create over 200,000 jobs for the sector. This is epochal, and it is in line with one of the cardinal programmes of this administration, which is job creation and empowerment.
“The MoU will also act as a catalyst for the development of the country’s craft industries, create a financing window and make available loanable funds to be accessed by all NCAC stakeholders, as well as assist the stakeholders in capacity building,” he stated.
Mohammed said the MoU will equally enhance the capacity of producers of cultural products and services to work towards attaining the standard of modern practice in the packaging of their cultural products, to enable them compete favourably at the global markets and earn the nation’s artists a decent living.
The Minister commended Runsewe for putting together “this momentous event” just a few days after assuming office as the NCAC DG and also thanked the Acting MD of BoI, Mr Waheed Olagunju, for his support for the creative industry.
In his remarks, Runsewe described the MOU as a milestone in the creative sector, being the first time in history that the sector will access funds from a financial institution with a single digit interest rate.