Young entrepreneurs in Nigeria have been looking for platforms to establish themselves and create better business conditions for themselves with the help of more resources especially in the aspect of finances. The Nigerian Government has been held to ransom several times about not being supportive enough in terms of creating these opportunities.
Well, all that is seemingly taking a U-turn as the Nigerian Federal Government has established a Venture Capital Fund of $1 Million for the young creative entrepreneurs in Nigeria. This announcement was made through the Information and Communications Minister, Lai Mohammed. The announcement was made at a two-day Creative Industry Financing Conference held in Lagos, Nigeria.
The Creative Industry Financing Conference was announced open by Minister Kemi Adeosun, the representative of the Acting President of Nigeria, Prof. Yemi Osinbajo.
Speaking at the Creative Industry Financing Conference, Minister Lai Mohammed stated that the $1 Million Venture Capital Fund will be donated by 20 individuals who will invest $50,000 each, simple maths assures that that calculation is intact and accurate. Well, the $1 Million investment is not far from being achieved, as 5 investors have already volunteered to invest $50,000 each. That’s commitment from this Nigerian patriots, as they intend to see the next generation blossom.
Given the impressive amount that is to be cuffed up, the Venture Capital Fund isn’t just going into the general entrepreneurship sector, as that will be nothing close to achieving a major hit. But the Venture Capital Fund will be directed to the Creative Industry. The option to choose the Creative Industry as the recipient as this Venture Capital Fund is on the back of the sector’s capacity to create 1 million jobs in three years, according to Lai Mohammed.
The Venture Capital Fund will be a means of providing seed funds for promising entrepreneurs who are creative and talented. Lai Mohammed stated that this will be one of the driving force to make the Creative Industry have access to short and long term financing.
Aisha Abubakar, minister of State, Industry, Trade and Investment; Minister of Information and Communication from the Republic of Niger, Hadjia Koubra Sani were also in attendance at the Creative Industry Financing Conference.