Fidelity Bank plc has disbursed a total of N2.3 billion from the Central Bank of Nigeria’s Micro Small and Medium Enterprises (MSME) development fund to SMEs, while targeting the entertainment industry in its next support.
Specifically, the bank in 2015 disbursed the sum of N80 million to three beneficiaries from Lagos and Anambra State.
However, N400 million of the loans has been repaid by the beneficiaries without a default according to Nnamdi Okonkwo, managing director of the bank.
“As at today we have done about N2.3 billion disbursement and repayment. About N400 million have been repaid with no default, so it tells you that that the scheme is working. Indeed we had a customer forum in Onitsha on Thursday, one of the beneficiaries was there and he gave his testimony. He benefited from the first N80 million, he has paid back and have applied for another one and we are happy to lend to him, so his business is growing: the same thing we hope to do with the entertainment industry”, Okonkwo said.
The bank has reiterated its commitment to support upcoming musicians and others in the entertainment industry for proper utilisation of their talents.
Okonkwo who anchored the Fidelity SME forum on Inspiration FM, Lagos, where Nigerian musician, Michael Collins Ajereh, popularly known as Don Jazzy, was featured as guest, said the bank has discovered gaps in the entertainment industry and would put formal structure in to what the sector does.
“What we are basically doing here is looking at man’s endeavour from business perspective and we identify the entertainment industry, and from the discussions we have had this morning I am sure there are other musicians or music producers who if they have not been thinking about the business aspect of what they do will begin to think”, Okonkwo said.
In his advice to teenagers, Ajereh said “I think that everybody should follow their dreams but then there are things that you have to get out of the way because music is time consuming so if you know that you still have other things that you are doing that will not allow you concentrate, then don’t do it yet; if you have finished your school then you can come and do it: there are two ways to it, it’s either you finish your school or you drop out, you can’t do the two at the same time but I will not advise that you drop out”.