Lai Mohammed unveils $1m venture capital for creative industry

Kemi Adeosun, representing the Acting President Yemi Osinbajo, and Lai Mohammed at the unveiling of Million Dollar Venture Capital for creative industry in Nigeria

The Creative Industry with the capacity to create 1 million jobs in three years, boost the economy and drive the creative youth talents is set to receive support from the Federal Government.

The Minister of Information and Culture, Alhaji Lai Mohammed, on Monday announced the establishment of a Million Dollar Venture Capital to drive the Creative Industry. This was at the opening of the two-day Creative Industry Financing Conference holding in Lagos, saying 20 investors of $50,000 each are expected to fund the amount, five of which had already subscribed to the investment. The fund would provide seed capital for young and talented Nigerians to venture in businesses in the Creative Industry.

The conference, jointly organized by the Federal Ministry of Information and Culture and the Think Tank Media, was put together with a view to drive the Creative Industry into an era of easy access to short and long term financing. The conference was declared open by the Acting President, Prof. Yemi Osinbajo, represented by the Finance Minister, Mrs. Kemi Adeosun.

In the words of the Minister, ”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 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.

The Minister highlighted efforts made to re-position the Industry as including the landmark National Summit on Culture and Tourism, held in Abuja in 2016; 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.