Ruth Okwumbu-Imafidon, a journalist with Legit.ng, has over a decade of experience in business reporting across digital and mainstream media.

There is big news for creative entrepreneurs in Nigeria, as the Lagos State Government and the United Kingdom have partnered to provide them with a structured financing fund.

A N1.5 billion fund has been launched for this purpose, in an initiative led by Woodhall Capital and Polaris Bank.

The fund would be channeled towards helping entrepreneurs operating businesses across fashion, music, film, and other digital content.

Polaris Bank’s Executive Director, Abimbola Ozomah, announced the launch of this fund during the launch of the Creative Currency Podcast, a new platform designed to drive collaboration between creatives, investors, and policymakers.

He described the fund as a major step towards providing inclusion for the creative industry in the formal financial systems.

Speaking at the event in Ikoyi, Ozomah said that it would help export talent, structure, ownership, and other long-term values to show Nigeria’s presence in the global force.

Also speaking at the event, the CEO of Woodhall Capital, Mojisola Hunponu-Wusu, called on the players in Nigeria’s financial sector to rethink the way they engage with the creative economy.

She called for bespoke financial products and advisory services that will address the issues in the creative industry, and help the entrepreneurs scale with the right kind of investment, Daily Trust reports.

Legit.ng reported that several surveys have shown funding to be a critical problem for creative entrepreneurs.

The UK Deputy High Commissioner to Nigeria, Jonny Baxter, stated that the United Kingdom will support Nigeria’s creative sector in every way.

He referred to the recent agreement between Nigeria and the UK to deepen trade and investment ties via the 2024 UK-Nigeria Creative Industries Partnership.

Baxter also expressed optimism that the new fund and the podcast platform would provide a global footprint for creative cooperation.

Lagos State Governor, Babajide Sanwo-Olu, was represented by the Commissioner for Commerce, Cooperatives, Trade and Investment, Mrs. Folashade Ambrose-Medebem.

She listed several initiatives from the state government to support small business owners in the state.

Recall that the Lagos State government recently partnered with the Bank of Industry to launch a special loan for women entrepreneurs.

Meanwhile, the Lagos state government has also unveiled a single-digit interest loan for MSMEs.

Legit.ng reported that this was done in partnership with Sterling Bank and is targeted at creating 10,000 jobs.

It will be handled through certified cooperatives, and the beneficiaries will access up to N10 million loan without collateral.

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Source: Legit.ng