Minister approves N7bn to support the creative industry

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The Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, says the Federal Government through Bank of Industry (BoI) has approved facility of about seven billion naira under its creative industry group.

Ahmed declared this at the Greeners Business-to-Business Annual National Economic Dialogue 2020 held in Abuja.

The economic dialogue has a theme “Positioning Nigeria’s Creative Industry as Growth Engine of Africa Continental Trade Agreement (AFCTA)”.

Represented by her Special Adviser on Information and Communication Technology (ICT), Dr Armstrong Takang, the minister said the fund was approved to creative group of 35 firms for content production, content distribution, production equipment, digital transmission equipment among others.

Ahmed said in order to continue to build capacities among Nigerian youths, the N-Power Creative programme was created to train and develop 5,000 young creative talents.

It is a strategy aimed at putting the creative industry on the global radar as exporters of world-class services and content.

The beneficiaries of this grand support according to her were trained and certified in Animation, Graphic Design, Post-production and Script Writing.

These beneficiaries are to received computing devices that will enable them master their skills during and after the training.

Speaking on AFCTA, the minister said the major areas which Nigeria had comparative advantage in the creative economy were Music, Film, Information Technology Industries and Fashion.

Report shows that in 2016, the film industry sector contributed N239 billion of Nigeria’s Gross Domestic Product (GDP), Nigeria’s music industry grew by 9 per cent in 2016 to reach a value of 39 million dollars.

Ahmed noted that the music industry was set to grow by 13.4 per cent by 2021, with an estimated worth of about 73 million dollars adding that the gaming industry in Nigeria was also growing.

“The gaming industry is benefitting from a widening customer base, mostly the large and youthful population. Nigeria’s video game industry has been valued at 150 million dollars.

“It also estimates mobile gaming to surpass 147 million dollars by 2020.”

In his remarks, the convener of the dialogue, Dr Mustapha Popoola said: “This year’s programme was the fifth economic dialogue which aimed at mentoring people to develop their businesses.

A lot of Nigerians mainly youths have registered under this platform.

This business-to-business strategy is a hub, a creative hub which will be expanded to major cities of the country.

It is a plan in conclusion with centres open in Lagos and Kano all to help develop people with business ideas across the country.”

Suzan O