The Minister of Information and
Culture, Alhaji Lai Mohammed, on Monday announced the establishment of a
1-million-dollar Venture Capital to boost the Creative Industry.
The Minister made the
announcement at the opening of a two-day Creative Industry Financing Conference
holding in Lagos, saying 20 people, each investing $50,000, are expected to
help make up the required amount.
He said so far, five people have
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, which is being 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.
”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.
Alhaji Mohammed said the
government is paying a great attention to the Creative Industry because of its
capacity to create 1 million jobs in three years, boost the economy and allow
the creative talents of the youths to blossom.
He listed the efforts so far made
to reposition and transform the industry as including 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.
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 Industry, Trade
and Investment, Mrs Aisha Abubakar; 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.
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