At the two-day creative industry financing conference in Lagos on Monday; the Minister of Information and Culture, Lai Mohammed, disclosed that the federal government is raising $1 million in venture capital for the Creative Industry.
Venture capital is financing that investors provide to startup and small businesses who are believed to have long-term growth potential.
The conference was declared open by the Minister of Finance, Mrs. Kemi Adeosun, who represented Prof. Yemi Osinbajo. The minister for Industry, Trade and Investment, Mrs. Aisha Abubakar and many stakeholders of the industry were also present at the conference.
Lai Mohammed disclosed that the government is paying 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.
He also said that the $1 million venture capital would provide the “seed” money for young and talented Nigerians to set up businesses in the Creative Industry as lack of access to finance is a major problem of the industry.
Lai Mohammed also said that the fund is to be sourced from 20 people, each investing $50,000 and that $250,000 so far has been guaranteed from five individuals. He expressed optimism about more investors coming forward so as to fully attain the $1 million target.
Upon the eventual raising of this $1 million, stakeholders of the creative industry will have more access to funds to carry out desired projects.