Minister announces creation of $1m venture capital to boost Creative Industry

The Minister of Information and Culture, Alhaji Lai Mohammed, on Monday announced the establishment of a $1 million Venture Capital to boost the Creative Industry.

The Minister made the announcement at the opening of the two-day Creative Industry Financing Conference holding in Lagos,

The conference was declared open by the Acting President, Prof. Yemi Osinbajo, who was represented by the Minister of Finance, Kemi Adeosun.

Also in attendance were the Minister of Industry, Trade and Investment, Aisha Abubakar; the Minister of Information and Communication from the Republic of Niger, Hadjia Koubra Sani; and many Industry stakeholders, including Film and Music Producers, Artists, Copyright lawyers, representatives of Banks and journalists are attending the conference.

He said 20 people, each investing $50,000, are expected to help make up the required amount and five people had volunteered to invest $50,000 each, and expressed the optimism that more investors will come forward.

Alhaji Mohammed said the $1 million Venture Capital would provide seed money for young and talented Nigerians to set up businesses in the Creative Industry.

Earlier in his welcome address, the Minister said the conference was conceived with the aim of taking the Creative Industry into a golden era of smooth access to short and long term financing.

The conference was jointly organized by the Federal Ministry of Information and Culture and the Think Tank Media,

Mohammed said: “From my interactions with Industry stakeholders since assuming office, one issue has stuck out like a sore thumb: lack of access to financing is a major bane of the Industry. Instead of just lamenting over this, we have decided to tackle the problem headlong, hence the decision to host this conference.

“‘I have no doubt that at the end of the series of events here, we will be able to come out with a way forward that will surely boost the Industry.”

Alhaji Mohammed also said that the government is paying a great attention to the Creative Industry because of its capacity to create one million jobs in three years as well as boost the economy and allow the creative talents of the youths to blossom.

His list of efforts made to re-position and transform the Industry include the landmark National Summit on Culture and Tourism, held in Abuja last year; the Creative Industry Roundtable held in Lagos last week; and the MoUs signed with the Tony Elumelu Foundation, the British Council and the Bank of Industry.


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