Innovative Ways Stanbic IBTC is Contributing to Nigeria’s Creative Sector

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Stanbic IBTC Bank

Stanbic IBTC Holdings PLC, a member of Standard Bank Group, restated its commitment to develop sustainable impact in the global creative industry and contribute to the growth and advancement of the Nigerian creative industry through world-class products, value-driven opportunities, and partnerships.

The financial institution stated that it supported key stakeholders in the creative space through growth-oriented solutions and opportunities such as funding, visibility, partnerships, sponsorships, and collaborations that had alleviated some of the challenges the industry faced. It explained that its commitment to the sector stemmed from the creative industry’s potential in tackling unemployment in Nigeria through job creation.

Stanbic IBTC in partnership with entertainment industry players, established cinemas with advanced infrastructure. This is a testament to the organisation’s commitment to support the creative industry. Also, in line with the Central Bank of Nigeria (CBN)-led Creative Industry Financing Initiative, its banking subsidiary continued to set aside 5 per cent of its profit after tax to lend to the creative sector players at a subsidized interest rate. As such, individuals in the creative space have benefitted from flexible funding at low-interest rates that helped to drive the growth of the creative industry.

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Dr Demola Sogunle, Chief Executive, Stanbic IBTC Holdings PLC, said that, “The creative industry is filled with many brilliant young talents who are endowed with great potentials and Stanbic IBTC believes that if nurtured and harnessed strategically, the creative sector would make significant contributions to the Nigerian economy in enhancing competitiveness, productivity, substantial growth, and employment opportunities.”

Demola revealed that Stanbic IBTC has also supported initiatives like ‘The Entertainment Fair and Festival conference’ (TEFEST); an event targeted at fostering and showcasing world-class innovation around the entertainment business in Africa, and proffering solutions on improving the business relations of the industry.

Furthermore, to drive Nigeria’s creative advancement, Stanbic IBTC sponsored Art X and thus propelled awareness of the artistry and creativity of Nigerians to the world. The event positively impacted the economy as it provided talents with the opportunity to tell African stories through their arts and display their works to interested clients. The financial institution also gave room for students across various schools in Nigeria to be part of the experience, thereby exposing them to the artistic world and motivating them to harness their talents and skills.

Stanbic IBTC has continued to advance the growth of the country’s creative industry by connecting with and supporting players in the sector through its events and initiatives.  Thus, the leading end-to-end financial services provider has reaffirmed its position to be at the forefront of redefining the creative sector by providing solutions that promote advancement.