How Buhari’s administration is supporting Nigerian entertainment industry – Osinbajo

President Yemi Osinbajo said on Sunday the President Muhammadu Buhari’s administration is prepared to support Nigerian youths and aid the development of their talents.

The Vice President’s statement came a few days after the duo of Nigerian singers, Burna Boy and Wizkid got recognitions at the 63rd Grammy Award held in the United States.

Osinbajo, who stated this at the launch of Ogidi Studios, an entertainment hub in Lagos State, added that the Federal Government handed over the control of the National Theatre to the Central Bank of Nigeria and the Bankers’ Committee in 2020.

He revealed that the federal government had committed N25 billion as initial funding for the development of Nigeria Creative Centre at the National Theatre, Lagos.

Read also: ‘Nigerian entertainment industry is in a class by itself, absolutely incredible’- Osinbajo

He said: “The sector will receive support from the Central Bank of Nigeria’s Creative Industry Funds Initiative, an initiative that gives financial support to the technology and creative sector at single-digit interest rates.

“The Bank of Industry in collaboration with the National Council for Arts and Culture also has a N300 million loan package for the creative sector.

“The package provides the funds to the sector at a single-digit interest rate with a tenor of four to five years.”

On Burna Boy and Wizkid’s success at the Grammy Awards, Osinbajo said the environment has been prepared for Nigeria to produce more creative talents across the value chain in the industry.

The Vice President added: “On March 14, 2021, Burna Boy and Wizkid took the entertainment industry by storm winning the Grammy Awards.

“Both artistes established themselves as amongst the best musicians in the world.

“Burna Boy won in the ‘Best Global Music Album’ category for the ‘Twice As Tall’ album and Wizkid; the real star boy, in the Best Music Video category for his feature in the song ‘Brown Skin Girl.”

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