Sterling Bank To Promote Creative Industry For Economic Growth

Sterling Bank Plc has reiterated its determination to empower and energise the creative industry because of its strategic importance to the nation’s economic growth.

Head of Media and Entertainment Financing at Sterling Bank, Mr. Olanrewaju Olalusi, stated this while addressing participants at a seminar organised by the Legends of Nollywood with the theme: ‘Empowering the Nigerian Film Industry – Actualizing Your Resources’ in Lagos.

The bank, he said, had begun exploring financing of the creative industries in addition to its HEART sectors programme because of its importance to national economy.

Sterling Bank has become renowned for its strategic focus and investments in the Health, Education, Agriculture, Renewable Energy and Transportation sectors of the Nigerian economy.

These sectors have been affectionately dubbed the HEART of Sterling, and its HEART has contributed immensely to the growth of the bank, the sectors and the Nigerian economy.

Olalusi said, it is important for artists to leverage 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, saying, ‘we are open to having conversations with partners in the creative industry on the way forward.’

He stressed that the industry was bustling with amazing talent and potential, saying, however, a key challenge confronting the sector is a lack of viable business plans on the commercial perspective of creativity to show investors.

He added 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.

The Lagos State commissioner for 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.

He noted that, if the industry must grow, then, it should be able to attract financial resources from investors, adding that, government alone cannot drive its growth.

He said the business plan should present a strong case to encourage investors to invest, disclosing that, the 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.

Also speaking, the president of the Association of Movie Producers, Mr. Paul Obazele encouraged his colleagues to lift the industry by leveraging financial institutions to scale their operations instead of relying on grants alone.