Abuja Police arrest robbery suspects who rob bank with cutlasses                          109 -year-old, thousands of ghost workers uncovered in Zamfara civil service verification exercise                          Liverpool should be Champions already, but who be Arsenal where Chelsea dey sef?                         Top 10 Nollywood movies that defined the Nigerian film industry in 2019                          Rising Debt, Banking Sector Recapitalisation: Three major issues that will shape Nigeria’s economy in 2020                         Sanusi VS Ganduje: Sanusi fights dirty, sacks Ganduje ally from palace                         5 things no one has ever told you about Christmas                         How a small agritech start-up is taking on Nigeria’s adulterated palm oil cabals                         CBN scraps card maintenance fee, slashes bank charges in new banking guidelines                         EXPLAINED: 7 things you need to know about CBN's new guide on bank charges                         Religious Persecution: You are not world’s police, Buhari’s government lashes out at America                         Mahrez, Mane, Salah are nominees for African Footballer of the Year                         SAD! 19,273 Nigerian teachers fail 2019 Professional Qualification Examination                         Group commends Immigration over compulsory drug test for personnel                         BREAKING! Gunmen abduct Bayelsa commissioner’s 6-year-old son                         JUST IN! JAMB fixes March 14 for 2020 UTME examination                         Tesla to take fresh $1.4 billion loan from Chinese banks for Shanghai’s Gigafactory – Sources                         Igbos outraged over IGP’s roadblock order, decry 60 police roadblocks from Lagos to Onitsha                         Fayose’s faction sells Ekiti PDP secretariat as party’s crisis worsens                         Nigeria’s rising public debt remains worrisome, unsustainable - World Bank                        

Unity Bank advocates increased investment in creative industry

Nigeria's music industry witnessed an explosion over the past decade, growing by 9 per cent in 2016 to hit $39 million, and is set to grow by 13.4 per cent by 2021...

Share this news

From left: Head, Digital, Events & Sponsorships, Unity Bank, Bashir Salami, Founder/CEO of Sparkle Uzoma Dozie, Head, Retail & SME Banking, Unity Bank, Opeyemi Ojesina, CEO of Kuda, Babs Ogundeyi and Partner, PwC, Chijioke Uwaegbute after a panel session on "Financing the Music" at the just concluded Social Media Week, Lagos.

Nigeria’s commercial lender, 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 on Wednesday 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 9 per cent in 2016 to hit $39 million, and is 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.

Also, read MTN Nigeria’s 2019 profit surges on higher data demand

“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 said.

Also speaking, the Head of Digital, Events & 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 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.  

The session was hosted by Beat FM in partnership with Unity Bank Plc. Titled: “Financing the Music” it had in attendance over hundreds of musicians and creative industry entrepreneurs.   

Share this new

Sign In To Leave A Comment

Nigeria Today News. ©2019 Nigeria Today. All rights reserved.