CBN set to fight piracy in creative industry
The Central Bank of Nigeria Governor, Godwin Emefiele has said that the development of digital content and generally accessible platforms will stem the tide of piracy eating the fabrics of the creative industry of the country.
Emefiele noted that the Central Bank approved the establishment of Payment Service Bank Licenses to telcos and fintechs which will fasten the pace of achieving this result.
He made this disclosure at the Creative Nigeria Summit tagged Finance for Growth, held yesterday in Lagos.
“One way we tend to curb piracy is by supporting the development of digital content and widely accessible platforms under which every Nigerian can purchase or rent movies/ music via their mobile phones.
“I assure you that the CBN will do its best to ensure that entrepreneurs in the creative sector obtain their fair share of what is derived from their hard work, as we intend to curb the worrying phenomenon of piracy of movies and music.
“We recently granted approval in principle for establishment of Payment Service Bank Licenses to firms affiliated with the telecom and fintech industries.
“We believe this help accelerate our efforts at ensuring more Nigerians have access to Mobile Financial services, particularly in underserved parts of the country.
“Despite our large population, the lack of widely accessible shopping platforms, smuggling of goods, piracy as well as lack of digital payment options have limited the growth of creative industries in Nigeria relative to countries such as South Africa and Kenya.
“We read about the income due to our young movie personnel and musicians are stolen through unpaid royalties.
“We intend to work with you cooperative associations to ensure that all revenues/royalties due our creative youths enter their bank accounts rather than being stolen,” He said.
Meanwhile, The Governor emphasized harnessing youths’ innovative energy as the country’s creative industry is a key source of wealth and employment generation.
“Efforts must, therefore, be made to harness the innovative and creative energy of our youths, towards enabling them to create productive ventures that will support improved wealth and job creation in Nigeria.
“Nigeria creative industry, which comprises the music, movie, fashion, and IT industries are beginning to emerge as a key source of wealth and job creation in Nigeria.
“Across Africa and in various parts of the globe, our creative industries are spurring innovation, creating jobs and increasing our export revenues and helping to shape perceptions on Nigeria, as a nation with strong spirit of creativity and ingenuity.
“We cannot afford to let the talents of our youthful population go to waste, as it would portend great dangers for the progress of our nation,” He said.
Emefiele also noted that members of the creative industry group have a partner in the Central Bank Of Nigeria and the Bankers’ Committee.