FG Lauds Heritage Bank for ImprovingEntertainment Industry


The federal government has commended Heritage Bank Limited for its commitment to the development and growth of the creative industry.

The Minister of Information and Culture, Alhaji Lai Mohammed gave the commendation at a two-day Creative Nigeria Summit held in Lagos recently with the theme: ‘Financing the Film, Television and Music Industries’, which was co-sponsored by the bank.

He remarked that the conference, which was jointly organised by the Federal Ministry of Information and Culture and the Think Tank Media and Advertising was to take the industry into a golden era with smooth access to short and long term financing, world class management and local and international distribution.

In a plenary session on ‘Alternative Sources of Financing for the Creative industry’, the acting, Chief Risk Officer of Heritage Bank, Mr. Dike Dimiri, highlighted issues that have continued to plague the entertainment industry over the years.

 According to a statement at the weekend, Dimirinoted that the industry was being hindered by lack of infrastructure such as studios, equipment and talented manpower.

He added that at a time when some international universities were offering cinematography as a course in mass communication, Nigeria’s educational system was still skewed towards the print industry which he argued was dying, rather than electronic industry that is widening, so there is deficiency that needs to be corrected.

He therefore said there was need to have value chain in the industry, instead of one person being involved in every stage of the business as well as the need for operators to package their works into libraries and use them as collaterals to access money from banks.

Dimiri stated that Heritage Bank was committed to the development and growth of the entertainment industry because one of the easiest ways to solve the unemployment issue in the country is to get as many people as possible involved in the entertainment industry, because manufacturing, banking and other sectors cannot do it alone.

 He said the music industry has done so much for Nigeria in terms of employment and foreign exchange earnings and if more resources could be put into it and also de-risk it, the country would be better for it.

At the event, the Minister of Information and Culture announced the establishment of a $1 million venture capital to boost the industry.