Lai Mohammed unveils $1m venture capital for creative industry

The Minister of Information and Culture, Alhaji Lai Mohammed, on
Monday announced the establishment of one million-dollar Venture
Capital to boost the Creative Industry.

The Minister made the announcement at the opening of the 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 re-position 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

The Minister of Information and Culture, Alhaji Lai Mohammed, on
Monday announced the establishment of one million-dollar Venture
Capital to boost the Creative Industry.

The Minister made the announcement at the opening of the 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 re-position 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