The Federal Government has unveiled a $1million venture capital to boost the creative industry. The Minister of Information and Culture, Alhaji Lai Mohammed, on announced the establishment of a $1 million Venture Capital to boost the Nigerian creative industry.
The minister, made the announcement at the opening of the two-day Creative Industry Financing Conference which took place at the Eko Hotel and Suites, Lagos.
The Minister explained that 20 people, with each investing $50,000, were expected to help make up the required amount, stressing that five people had volunteered to invest $50,000 each while expressing optimism that more investors would come forward.
The minister remarked that the government was paying a great attention to the industry because of its capacity to create 1 million jobs in three years, boost the economy and allow the creative talents of the youths to blossom.
Speaking at the event, the Minister of Finance, Mrs Kemi Adeosun, who represented the Acting President, Prof. Yemi Osinbajo, declared the intention of the federal government to provide tax relief to investors in the industry.
“We’re looking at the situation, like has been done in other countries, to provide tax relief for those who are ready to invest in the industry. You see me running around looking for how to collect more tax, but, also, on the other hand, we are trying to see how we can provide incentive for people, those willing to invest, because when you have a strong tax system, people will have a choice to pay to the taxman or invest in the creative industry.
“So, we are going to look at how we can create a cooling structure, whereby certain funds will be eligible for tax relief for those who invest in them. And we are going to create a sustainable pool of financing for the industry,” she concluded.
