Nigerian gov't urges banks to support culture-based entrepreneurship

The Nigerian government has urged the banking sector to assist culture-based small and medium scale enterprises with soft loans to kick-start the processes of industrialization, official said on Monday.

Addressing the commemoration of the World Cultural Day, Babalola Borishade, Nigeria's Minister of Tourism, Culture and National Orientation, said the move was necessary as the sub- sector was the bedrock of the country's industrial development.

Borishade said if the culture sector was backed financially, its potentialities would be harnessed as experienced by China, Indonesia, South Korea and Malaysia.

He said celebrating culture encompasses achievements in the areas of industrialization, manufacturing and engineering.

The pursuit of cultural diplomacy and the branding of the nation through artistic heritage as well as improved relationship with the United Nations Educational, Scientific and Cultural Organization (UNESCO) had been the catalyst for the development of the country's culture, he added.

Source: Xinhua