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Stakeholders’ seek early release of unveiled $1m venture capital for creative industry

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Recalling their experiences when former President, Goodluck Jonathan made similar pledge of multi million dollars support for the creative industry which never saw the light of the day, key stakeholders in the nation’s entertainment sector have called on the present administration not to do same.

Reacting in a telephone interview on Tuesday, a top artiste who pleaded anonymity told Business Hilights that “Whereas we are happy for the announcement of fresh $1m by the Minister of information and Culture, Alhaji Lai Mohammed, for the industry, we call on the government not to tell us at last that it was not captured in the 2017 budget or the investors are yet to bring the venture capital of $50,000 each”.

“We have heard him and believed him. We are now waiting for those investors he was referring to for the release. We pray that government will not tell us that recession and limited resources have affected the 20 investors before making the public announcement in Lagos this week,” the trending music  icon noted.

Mohammed had on Monday announced the establishment of a $1m venture capital to boost the Nigerian creative industry alongside the Minister of Finance, Mrs. Kemi Adeosun, who also pledged support for the sector.

He said already, about eight investors have shown interest and he is waiting for additional 12 to complete the number to the target 20.

The duo spoke at the opening of a two-day workshop on the creative industry financing in Lagos, saying about 20 people, each investing $50,000, are expected to help to make up the required amount. This means that the fund is not coming from government and it was not captured in the just signed 2017 budget after all

Mohammed hinted further that the $1m venture capital would provide seed money for young and talented Nigerians to set up businesses in the industry.