Nigerian government through the information and culture minister, Alhaji Lai Mohammed, has established a $1 million Venture Capital to boost the Creative Industry. This was announced in Lagos at the opening of a two-day Creative Industry Financing Conference.
The minister said 20 individuals each investing 50,000 dollars are expected to help make up the required amount. So far, he said five people had volunteered to invest 50,000 dollars each, and expressed the optimism that more investors would come forward.
The Venture Capital, according to him, would provide seed money for young and talented Nigerians to set up businesses in the Creative Industry. He said Nigeria’s Creative Industry needs to be taken into a golden era of smooth access to short and long term financing.
He revealed the Nigerian government is giving 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. Others in attendance included Aisha Abubakar, minister of State, Industry, Trade and Investment; Minister of Information and Communication from the Republic of Niger, Hadjia Koubra Sani.