NEXIM Proposes Entertainment Industry Guarantee Fund.

The Managing Director, Nigeria Import-Export Bank, (NEXIM), Mr. Roberts Orya,  has said that in order to further strengthen and deepen the entertainment industry, there was  need for the establishment of an Entertainment Industry Guarantee Fund (EIGF) to strengthen the credit delivery system and facilitate flow of credit to the industry.

Orya, who spoke as a guest lecturer at the Pan-African University, Lagos, said this would be akin to the Cultural Industry Guarantee Fund (CIGF) established by Francophone West Africa countries in conjunction with ECOWAS Bank for Investment and Development (EBID), to facilitate bank financing of cultural industries in the Francophone states.

He also emphasised that other steps that must be taken to reposition the industry include ensuring a copyright enforcement regime and intensification of the reform system of the Nigerian copyright system; design and issuance of sector specific policy instruments by the insurance industry like completion bond, insurance policy, among others.

According to him,  as at today, the total funding support to the Industry by NEXIM is over N778.5 million, with applications worth over N26billion under processing.