NIGERIAN CREATIVE ARTS AND ENTERTAINMENT FACILITY LOAN

Introduction

The Nigerian Export-Import Bank established by Act 38 of 1991 has the mandate to provide export credit and risk bearing facilities, as well as, trade information and export advisory services to facilitate exports Nigerian goods and services.

In pursuance of its specific mandate of facilitating services exports and to support Government’s policy initiatives targeted at supporting the structured growth and development of the entertainment sector, the Bank has designed a funding intervention targeted at ensuring access to finance towards sustainable development of the industry.

Objectives

The Creative arts & Entertainment Industry Facility introduced by the Nigerian Export – Import Bank is designed to achieve the following strategic objectives:

  1. Harnessing Nigerian cultural diversity and talents in a structured manner to ensure the orderly growth and development and the conservation of the nation’s cultural heritage,
  2. Enhancing the abilities of players in the entertainment sector to collectively benefit from Government support programme for the industry
  3. Improving quality at all stages of the value chain from production to post-production and retail distribution, thereby deepening creative entertainment value chain and diversifying revenue streams in the industry.
  4. Promoting the creation of a viable and sustainable industry, thereby enhancing employment generation and wealth creation potentials of the sector and performance of small and growing businesses in the country;
  5. Broadening Nigerian export basket through formal and non traditional exports of Intellectual Property products and services;
  6. Attracting investment capital to the industry towards the development of modern studios and/or broadcast/media facilities;

 

Eligibility

a)      Company

Any Company in Nigeria can benefit from the facility provided that it is legally registered / incorporated in Nigeria,

  • It operates in the entertainment and creative industry,
  • It is not owned by government (federal, State or local),
  • It is not an oligarch business interest that may interfere with content policy for its own interests

b)      Industry Value Chains / Service Areas

Funding under this facility covers all segments of the creative arts / entertainment industry and across the value chains of the following activities;

  1. Music (Production & Distribution)
  2. Film (Production, Distribution, Exhibition)
  3. Television (Production, Distribution, Exhibition)
  4. Radio  (Production & Distribution)
  5. Fashion (Production, Distribution, Exhibition)
  6. Distribution / Exhibition Infrastructure and Platforms
  7. Development of production platforms and facilities
  8. Acquisition of hi-tech production equipment and ancillary facilities

 

Facility Tenor
Up to 7 years, inclusive of a moratorium period depending on transaction / activity

Documentation Checklist Guide

The documentation requirement under the facility shall have basic loan facility documentation comprising some of the under listed as may be appropriate;

  1. Letter of Application;
  2. Company Incorporation Documents;
  3. Feasibility Report / Business Plan;
  4. Valuation Report on collateral to be pledged
  5. Land and Building
  6. Equipment
  7. Intellectual Property
  8. Past Audited Accounts and most recent Management Account, where the last audited account is more than 3 months old or Statement of Affairs
  9. Evidence of marketing / distribution arrangements
  10. Pro-forma Invoice(s), where applicable
  11. Bills of Quantity / Production Budget, where applicable