Connect with us

Banking/Finance

Sterling Bank Shines Spotlight on Creative Industries Potential

Published

on

 

 

Advertisement

 

“Nigeria’s leading financial institution, 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.”

Advertisement

Head of Media and Entertainment Financing at Sterling Bank, Mr. Olanrewaju Olalusi, disclosed the above at the weekend in Lagos while addressing participants at a seminar organised by the Legends of Nollywood with the theme: “Empowering the Nigerian Film Industry – Actualizing Your Resources.”

He said 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 our HEART has contributed immensely to the growth of the bank, the sectors and the Nigerian economy.

Advertisement

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.

Advertisement

He said that the industry was bustling with amazing talent and potential. But he highlighted a key challenge confronting the industry; a lack of viable business plans on the commercial perspective of creativity to show investors.

He continued by saying that there is a growing need for artists to separate their businesses from themselves and focus on improving their access to infrastructure and a ready market for their creative expressions.

Advertisement

Through collaborations with dedicated partners like Sterling, creatives can better their lot, both creatively and commercially, by leveraging financial advisory services, commercial loans, and other specially designed products to further capacity building and move the industry forward.

In a keynote address by Lagos State Commissioner of Planning and Budget, Mr. Samuel Egube, urged operators in the creative industry to think more deeply about how to seize available opportunities in the industry. He noted that if the industry must grow, then it should be able to attract financial resources from investors, adding that government alone cannot drive the growth in the industry.

Advertisement

He said the business plan should present a strong case to encourage investors to invest. He disclosed that the Lagos State Government has plans to build a media city in the Lekki axis for practitioners in the creative industry to leverage on under its 30-year development plan.

Also speaking, the President of the Association of Movie Producers, Mr. Paul Obazele encouraged his colleagues to lift the industry to a show business level by leveraging financial institutions to scale their operations instead of relying on grants alone.

Advertisement
Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Cover19 hours ago

“Beauty Without Brains is an Empty Vessel” Beautiful Carolyna Hutchings highlights in Episode 4 of Mercy’s Menu Season 4!

Uncategorized19 hours ago

KFC Reacts As FAAN Shuts Lagos Airport Branch Over Discrimination Against Son Of Ex-Ogun Govt

Cover20 hours ago

FAAN Shuts Down KFC For Denying Ex-Ogun Governor’s Son Entry Over His Disability

Cover21 hours ago

MoneyMaster PSB named payment partner for ‘Ounje Eko’

business2 days ago

Palliatives: Dangote donates 80,000 bags of rice to Lagos residents

Uncategorized2 days ago

BLOGGER, AKA IJELE, ARRESTED FOR THREATENING TO KILL EVANG. EBUKA OBI

Cover3 days ago

AARE ADETOLA EMMANUELKING ADVOCATES FOR CONSOLIDATION BEFORE TRANSFORMATION AS LAGOS REDAN CHAIRMANSHIP ASPIRANT PAID COURTESY VISIT

Uncategorized3 days ago

[Video] Lady driving from London to Lagos involved in car crash

Cover3 days ago

Ondo Guber Aspirant, Paul Akintelure reported dead Days After Raising Alarm Over Threats To His Life

Cover4 days ago

PSC reschedules applicant’s medical screening, examination (See Date)

Cover4 days ago

Why I Broke Up With My Girlfriend When I Became A Star – Singer Asake Opens Up

news4 days ago

SYTA Season 5: Grand Winner Emerges, as NAFDAC DG Commends Shalina

Cover5 days ago

Hunger: Dangote spends N15bn on food intervention programme across Nigeria

Cover5 days ago

Gov Adeleke Sets Up Cyber Crime Action Committee To Tackle Fake News In Osun

Cover5 days ago

MRS FUNMILAYO ADELAYI’S DEATH: MEDICAL REPORT CONFIRMS NIECE MENTAL HEALTH CONDITION

Advertisement