Unity Bank Plc has advocated more investment in the creative industry to drive its contribution to the Nigerian economy.
The Head, Personal & SME, Unity Bank Plc, Mr. Opeyemi Ojesina made the call in Lagos, while speaking at a panel to explore financing options for the music industry at the just concluded Social Media Week.
Nigeria’s music industry witnessed an explosion over the past decade, growing by nine per cent in 2016, to hit $39 million, and was set to grow by 13.4 per cent by 2021, with an estimated worth of about $73 million, according to statistics.
Highlighting impediments to flow of credits and investment, Ojesina stated that the music industry with the involvement of stakeholders in financial services sector needs a deliberate action plan to boost investment that will grow opportunities for entrepreneurs in the sector.
“To attract the required funding in the music industry, all the stakeholders involved must be deliberate about it. But most importantly, the people in the industry must begin to understand the business of their craft and build the necessary structure that would enable financial institutions to make an informed investment decision,” Ojesina was quoted in a statement to have said.
Also speaking, the Head of Digital, Events and Sponsorships, Unity Bank Plc, Bashir Salami, reiterated that the bank has been exploring several financing strategies to support musicians and grow the industry.
He added that, “before the Central Bank of Nigeria, CBN, came out with the Creative Funding Initiative, CFI, the Bank has supported a number of artistes to promote initiatives and projects that resonate with the corporate objective of the bank,” citing the endorsement deal with Adekunle Gold in 2018 as the most significant project to enhance the Bank’s contribution to the growth of the Nigerian music industry.