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The Minister of Information and Culture, Alhaji Lai Mohammed, on Monday announced the establishment of a $1m venture capital to boost the Nigerian creative industry.

Mohammed made this known in Lagos at the opening of a two-day workshop on the creative industry financing, where the Minister of Finance, Mrs.  Kemi Adeosun, also pledged support for the sector.

20 people, each investing $50,000, are expected to help to make up the required amount. According to the Minister, five people had volunteered to invest $50,000 each, and expressed the optimism that more investors would join.

The minister stated that the $1m venture capital would provide seed money for young and talented Nigerians to set up businesses in the industry.

In his welcome address, Mohammed said the workshop was organised by the Federal Ministry of Information and Culture and the Think Tank Media to pave the way for a golden era for the sector.

He said, “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 noted that the government was paying attention to the industry because of its capacity to create a million jobs in three years, boost the economy and allow the creative talents of the youths to blossom

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