Sterling Bank Plc has reiterated its determination to empower and energise the creative industry because of its strategic importance to the economic growth of Nigeria.
Head of Media and Entertainment Financing at Sterling Bank, Mr. Olanrewaju Olalusi, disclosed this while addressing participants at a seminar organised by the Legends of Nollywood with the theme: “Empowering the Nigerian Film Industry – Actualising Your Resources.”
Olalusi in a statement noted that the bank had begun exploring financing of the creative industries in addition to its HEART sectors programme because of its importance to the national economy.
“Sterling Bank has become renowned for its strategic focus and investments in the Health, Education, Agriculture, Renewable Energy and Transportation sectors of the Nigerian economy. These sectors have been affectionately dubbed the HEART of Sterling and HEART has contributed immensely to the growth of the bank, the sectors and the Nigerian economy, he noted.
Olalusi said it is important for artists to leverage funding from financial institutions to scale the level of their operations, remarking that the bank has set up a desk for the purpose of financing practitioners in the creative industry, information technology (IT) and animation, among others.
“We are open to having conversations with partners in the creative industry on the way forward,” he said.
He said that the industry was bustling with amazing talents and potential, but highlighted a key challenge confronting the industry, which include a lack of viable business plans on the commercial perspective of creativity to show investors.