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Kannywood: Let development banks handle soft loans – Mandawari



Ibrahim Mandawari

Amina Yusuf Ali

Prominent Kannywood filmmaker, Ibrahim Mandawari has called on the Central Bank to allow development banks rather than commercial banks to handle the distribution of soft loans to the industry.

KANO TODAY recalls that the Central Bank has allocated N200 billion to commercial banks under its Creative Industry Financing Initiative.

In a press statement distributed to reporters in Kano, Mr Mandawari said Kannywood practitioners are unable to meet the stringent conditions set by the commercial banks before accessing the funding.

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Hausa filmmakers cannot afford the N20 million collateral set by the commercial banks, Mr Mandawari said.

He lamented that Kannywood is already grappling with piracy, multiple taxation from regulatory agencies, as well as lack of investments in the sector.

The filmmaker therefore urged the Central Bank to allow banks like the Bank of Industry (BOI), and the Nigeria Export Import Bank (NEXIM) to control the fund so that the intended beneficiaries can access it.