Nigeria’s commercial lender, Unity Bank Plc has advocated more investment in the creative industry to drive its contribution to the Nigerian economy.
The Head, Personal & SME, Unity Bank Plc, Mr. Opeyemi Ojesina made the call in Lagos on Wednesday while speaking at a panel to explore financing options for the music industry at the just concluded Social Media Week.
Nigeria’s music industry witnessed an explosion over the past decade, growing by 9 per cent in 2016 to hit $39 million, and is set to grow by 13.4 per cent by 2021, with an estimated worth of about $73 million, according to statistics.
Highlighting impediments to flow of credits and investment, Ojesina stated that the music industry with the involvement of stakeholders in financial services sector needs a deliberate action plan to boost investment that will grow opportunities for entrepreneurs in the sector.
“To attract the required funding in the music industry, all the stakeholders involved must be deliberate about it. But most importantly, the people in the industry must begin to understand the business of their craft and build the necessary structure that would enable financial institutions to make an informed investment decision’’, Ojesina said.
Also speaking, the Head of Digital, Events & Sponsorships, Unity Bank Plc, Bashir Salami reiterated that the Bank has been exploring several financing strategies to support musicians and grow the industry.
He added that, “before the Central Bank of Nigeria, CBN, came out with the Creative Funding Initiative, CFI, the Bank has supported a number of artistes to promote initiatives and projects that resonates with corporate objective of the Bank,” citing the endorsement deal with Adekunle Gold in 2018 as the most significant project to enhance the Bank’s contribution to the growth of the Nigerian music industry.
The session was hosted by Beat FM in partnership with Unity Bank Plc. Titled: “Financing the Music” it had in attendance over hundreds of musicians and creative industry entrepreneurs.