The
Minister of Information and Culture, Alhaji Lai Mohammed gave the commendation
at a two-day Creative Nigeria Summit held in Lagos recently with the theme: Financing
the Film, Television and Music Industries; which was co-sponsored by the
Bank.
He
remarked that the conference which was jointly organized by the Federal
Ministry of Information and Culture and the Think Tank Media and Advertising
was to take the industry into a golden era with smooth access to short and long
term financing, world class management and local and international
distribution.
In
a plenary session on Alternative Sources of Financing for the Creative
industry, Mr. Dike Dimiri, Acting, Chief Risk Officer of Heritage Bank,
articulated some issues that have continue to plague the entertainment industry
over the years.
According
to him, the industry is being hindered by lack of infrastructure such as
studios, equipment and talented manpower, adding that at a time when some
international universities are offering cinematography as a course in mass
communication, Nigeria’s educational system is still skewed towards the print
industry which is dying rather than electronic industry that is widening, so
there is deficiency that needs to be corrected.
Other
issues he cited as hindrances to the creative industry are legal framework
around which the industry runs its business, especially how intellectual
property is protected as well as the right type of finance for the industry.
The
Chief Risk Officer also touched on the need to have value chain in the
industry, instead of one person being involved in every stage of the business
as well as the need for operators to package their works into libraries and use
them as collaterals to access money from banks.
Dimiri
said Heritage Bank was committed to the development and growth of the
entertainment industry because one of the easiest ways to solve the
unemployment issue in the country is to get as many people as possible involved
in the entertainment industry, because manufacturing, banking and other sectors
cannot do it alone.
He
said the music industry has done so much for Nigeria in terms of employment and
foreign exchange earnings and if more resources could be put into it and also
de-risk it, the country would be better for it.
Dimiri
said Heritage Bank was therefore concerned on how to find a framework through
which it could get funding to the players in the industry.
The
two-day summit attracted who is who in the industry and the Minister of
Information and Culture, Alhaji Lai Mohammed announced the establishment of a
$1 million venture capital to boost the industry.
He said the Federal Government has held discussions with about 20 foreign/local investors who were expected to invest a minimum of $50,000 each to raise the $1 million, adding that five investors have already indicated interest to invest $50, 000 each and expressed the hope that more were also expected to show their firm commitment in due course.
The minister said the $1 million venture capital would provide seed money for young and talented Nigerians to set up businesses in the creative industry.
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