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Funding In The Nigerian Creative Industry

The Nigerian Creative Industry has been recognized as one of the country’s most dynamic economic sectors contributing 1.42% to the nation’s Gross Domestic Product (GDP) in 2013, with an estimated annual revenue of $590m.
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Financing is the most crucial aspect of any film project, because the production team needs funding to pay for every step of the filmmaking process. Securing funding for a film project can be an arduous task for filmmakers, but there are many viable financing options available to pursue. NEXIM (Nigerian Export – Import Bank) is one of the areas through which the creative industry looks at being funded. It has designed a program, targeted at the creative and entertainment sector. Its goal is to ensure businesses in the creative/entertainment industry, have access to the financing they need to grow and develop. The Creative arts & Entertainment Industry Facility introduced by the Nigerian Export – Import Bank is designed to achieve the following strategic objectives: Eligibility Any registered business or company can benefit from this facility, provided:
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Funding under this facility covers all segments of the creative arts / entertainment industry and across the value chains of the following activities; Tenure Up to 7 years, inclusive of a moratorium period, depending on transaction or activity. Documentation Requirement The documentation requirement under the facility shall have basic loan facility documentation comprising some of the under listed as may be appropriate;   As well as the growth of the creative/entertainment sector, with this fund, NEXIM seeks to improve the quality of services provided, generate jobs, create wealth, attract capital investment and broaden Nigeria’s market through the export of intellectual property and services. Featured image: THISDAYLIVE
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