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    You are at:Home»Entertainment»Support for Creative Industry, Best Way To Solve Youth Unemployment – Minister
    Lai-Mohammed
    Lai-Mohammed

    Support for Creative Industry, Best Way To Solve Youth Unemployment – Minister

    0
    By TheFocusNews on June 21, 2022 Entertainment

    Support for Creative Industry, Best Way To Solve Youth Unemployment – Minister

    The Minister of Information and Culture, Alhaji Lai Mohamed, has
    stressed the need for governments in Africa to invest in the Creative
    Industry as a way of solving youth unemployment and boosting the
    creative talent of youths.

    The Minister, who made the remarks while briefing journalists on the
    just-concluded Annual General Meeting of the Afreximbank in Cairo,
    Egypt, where the Creative Industry featured prominently, said such
    support should be in form of providing grants for the sector and
    building Creative Industry infrastructure such as event places,
    cinemas, internet connectivity and cheap data

    “What we find lacking in the Creative Industry really is that
    governments across the continent need to do more than what we are
    doing now. They need to create infrastructure – we are not just
    talking about roads or bridges or airports but Creative Industry
    Infrastructure, both hardware and software,” he said.

    ”We have the population, we have the talents, we need infrastructure,
    we need government grants,” said Alhaji Mohammed, who was a panellist
    at a session of the Afreximbank AGM that was dedicated to the Creative
    Industry.

    He said with a high population of youths, most of whom are unemployed,
    the Creative Industry holds great potential for Africa because it’s a
    limitless and renewable resource capable of creating wealth and
    employment.

    The Minister said the continental bank has floated a $500 million
    Creative Africa Nexus (CANEX) Fund designed to boost African Creative
    Industry and the Media, including digital innovators and experts,
    fashion, film and music.

    He said for the Creative Industry to thrive, governments on the
    continent should explore avenues for long term grants, capacity
    building and provision of infrastructure, adding: ”You cannot grow the Creative
    Industry with debt.”

    Alhaji Mohammed also said all the available instruments at the moment
    cannot grow the Creative Industry, and that what is needed is ‘patient
    money’.

    ”What we need is for venture capital firms to invest more in the
    Creative Industry. This is because out of the $1 billion venture
    capital investment in Nigeria in 2021, just 1 per cent went to
    the Creative industry,” he said.

    The Minister said with a population of about 52 million young
    people (between the ages of 18 and 35), who are hugely talented, and
    the digital revolution which provides internet access for about 104
    million people and also with about 33 million Social Media users,
    Nigeria’s Creative Industry is like a goldmine and, when properly
    harnessed, would serve as the country’s new oil.

    He expressed delight that Nigeria is far ahead of some of its peers on
    the continent in appreciating the potential of the Creative Industry
    and making policies towards enhancing the contribution of the sector
    to economic growth.

    “I am proud to say that when we were in Cairo, I was able to thump my
    chest and say that Nigeria is doing the right thing. One example I cited is the
    collaboration between the Federal Government and the Central Bank of
    Nigeria/Bankers’ Committee that will bring a brand new National
    Theatre, which will also have four hubs for music, ICT, fashion and
    film.

    “We are actually creating a creative and entertainment centre, which
    is going to employ many people and stop capital flight because you can
    now do the post-production for your film and music right here in
    Nigeria,” the Minister said.

    Alhaji Mohammed, who also mentioned the floating of the $50 million
    Creative Industry Financial Initiative by the Central Bank, promised
    to engage the apex bank to ensure that the fund is accessible to the
    Creative Industry players.

    He also harped on the need to improve on the collation, analysis and
    interpretation of data on the contribution of the Creative Sector to
    the GDP so that policy makers, development partners and other experts
    can make a case for favourable policies and funding for the industry.

    Segun Adeyemi
    Special Assistant to the President (Media)
    Office of the Minister of Information and Culture
    Abuja
    21 June 2022

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