Deji Elumoye in Abuja
Vice President Yemi Osinbajo has said that the administration of President Muhammadu Buhari has in the past five years introduced initiatives to harness the abundant potential of the entertainment and creative sector.
Osinbajo, in a message delivered at the opening of the Ogidi Studios, a Lagos-based creative complex, hosting recording, film production, animation, and writing studios, said the federal government last year handed over the control of the National Theatre to the Central Bank of Nigeria and the Bankers’ Committee, and had committed to invest N25 billion as initial funding for the development of the Nigeria Creative Centre at the National Theatre, Lagos.
He said: ”The sector will receive support from the Central Bank of Nigeria’s Creative Industry Funds Initiative, an initiative that gives financial support to the technology and creative sector at single-digit interest rates. The Bank of Industry in collaboration with the National Council for Arts and Culture also has a N300 million loan package for the creative sector. The package provides the funds to the sector at a single-digit interest rate with a tenor of four to five years.”
Osinbajo added that the sector and the country are now better positioned to benefit from the entire value chain.
He said: “But perhaps more importantly, with the Ogidi Studios, Nigeria now operates on the same level of sound and video technology with the major global players. Now the stars, not just Nigerian stars, but from all over the world have a place in Lagos that is as good as any studio they have ever recorded in.
“World-class script writing, music recording, video making, and editing can take place under one roof, at the Ogidi Studios. The entire value chain in music and entertainment can now be local. So we are at the cusp of a revolution in entertainment production, creative talent and services, and a major economic opening for business in Nigeria.”
He stated that with the quality of investments, the future is promising for the sector.
According to him, the private sector is putting its best foot forward in the entertainment industry and the future is looking bright for the industry.
Referencing the stories of Burna Boy and Wizkid who won the Grammy Awards, Osinbajo noted that the environment has been prepared for Nigeria to produce more creative talents across the value chain in the industry.
“On the 14th of March 2021, Burnaboy and Wizkid took the entertainment industry by storm winning the Grammy Awards and established themselves as amongst the best musicians in the world. Burnaboy won in the “Best Global Music Album” category for the “Twice As Tall” Album and Wizkid; the real star boy, in the Best Music Video category for his feature in the song ‘Brown Skin Girl,” the VP said.