Alhaji Lai Mohammed, Minister of information and culture on Monday announced the establishment of a one million dollar Venture Capital to boost the Creative Industry.
The minister made the statement at the opening of a two-day Creative Industry Financing Conference holding in Lagos.
According to him, 20 people, each investing 50,000 dollars are expected to help make up the required amount.
The minister said so far, five people had offered to invest 50,000 dollars each and expressed the optimism that more investors would come forward.
Mohammed said the Venture Capital would provide seed money for young and talented Nigerians to set up businesses in the Creative Industry.
He said that the conference was considered with a view to taking the Creative Industry into a golden era of smooth access to short and long term financing.
According to him, the conference is being jointly organised by the Federal Ministry of Information and Culture and the Think Tank Media,
Mohammed said the government was according 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.
The conference was declared open by the Acting President, Prof. Yemi Osinbajo, who was represented by the Minister of Finance, Mrs Kemi Adeosun.