FG to Boost Creative Industry with $1m

The Federal Government has unveiled a -million-dollar venture capital to boost the creative industry.

This was revealed by the Minister of Information and Culture, Alhaji Lai Mohammed, on Monday, at the opening of a two-day creative industry financing conference in Lagos.

Mohammed said the venture capital would help boost the creative industry and make it much stronger and competitive with the developed world.

He added that the fund would provide seed money for young and talented Nigerians to set up businesses in the industry.

According to the minister, the fund is to be sourced from 20 people, each investing $50,000. In the mean time, $250,000 has been guaranteed from five individuals, who have volunteered to invest $50,000 each.

He expressed the optimism that more investors would come forward adding that the $1-million venture capital would provide the seed money for young and talented Nigerians to set up businesses in the creative industry.

He 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.”

The creative Nigeria summit which is jointly organized by the Federal Ministry of Information and Culture and the Think Tank Media, was conceived with a view to taking the creative industry into a golden era of smooth access to short and long term financing. Its theme is “Financing the film, Television and Music Industries”.





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