FG Unveils $1m Venture Capital to Boost Creative Industry

Olawale Ajimotokan in Abuja
The federal government has unfolded a $1million seed capital to boost the creative industry.

The Minister of Information and Culture, Lai Mohammed, Monday announced the package at the opening of the two-day creative industry financing conference in Lagos.

The fund is to be sourced from 20 people, each investing $50,000.
Mohammed revealed that $250,000 has in the mean time been guaranteed from five individuals, who have volunteered to invest $50,000 each.

He expressed the optimism that more investors will come forward.
The minister said the $1-million venture capital would provide the seed money for young and talented Nigerians to set up businesses in the Creative Industry.

‘’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,’’ he said.

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

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

The Minister of State for Industry, Trade and Investment, Mrs. Aisha Abubakar; Minister of Information and Communication from the Republic of Niger, Koubra Sani and many Industry stakeholders attended the conference.