The “Nigeria’s leading financial institution, Sterling Bank Plc, recently has declared its determination to empower and energise the creative industry because of its strategic importance to the economic growth of Nigeria.”
This was disclosed by the Head of Media and Entertainment Financing of Sterling Bank, Mr. Olanrewaju Olalusi, during its seminar over the weekend in Lagos which was organised by the Legends of Nollywood titled: “Empowering the Nigerian Film Industry – Actualizing Your Resources.”
Olalusi said the bank has long picked interest in financing the creative industries in addition to its HEART sectors programme because of its importance to the national economy.
It may also interest you to note that, Sterling Bank has become renowned for its strategic focus and investments not just in the creative industry but other sectors like Health, Education, Agriculture, Renewable Energy and Transportation sectors of the Nigerian economy which have affectionately win the HEART of Sterling, and that has contributed immensely to the growth of the bank, the sectors and the Nigerian economy in general.
However, Olalusi also encourage artists to leverage on 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.
He said, “We are open to having conversations with partners in the creative industry on the way forward.”
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.
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 because for the industry to grow, then it should be able to attract financial resources from investors, adding that government alone cannot drive the growth in the industry.
Mr. Egube also highlighted that for any business plan to attract investors they must ensure it is a very strong, encouraging and business oriented before presenting it as 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.
To this end, 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.