FG woos Indian investors in creative industry with land

THE Federal government has promised to offer land to Indian investors who are ready to invest in Nigeria’s creative industry.

The minister of Information and Culture, Lai Mohammed, stated this on Tuesday, April 25 in Abuja when he received the India High Commissioner to Nigeria, Shri Balasubramanian.

“We are ready to welcome Indian investors into Nigeria. We will offer them land in both Abuja and Lagos to build comprehensive film cities in so that we can boost the economy of our creative industry,” Muhammed said.

The minister assured of open collaboration between Nigeria and India in the area of creative industry.

Mohammed noted that Nigeria was ready to take advantage of the low-hanging opportunities available in the creative industry to boost job creation.

He said India would be a strategic partner in that regard because of its sprawling movie industry, Bollywood.

The minister recalled that two of the world’s biggest movie industries, Bollywood and Nollywood, had teamed up to produce some movies, including ‘Namaste Wahala’.

He also recalled that bilateral relations between Nigeria and India dated back to 1958 and had been very cordial.

He noted that also in the area of commerce, India was one of Nigeria’s biggest trade partners.

He assured the envoy that Nigeria would look into the two outstanding Memorandum of Understanding between both countries.

Earlier, Balasubramanian had said Nigeria and India had enjoyed cordial relations in different sectors, including the creative industry.

He said there were a lot for the two countries to do together in the sector, including joint productions and exchange of views and ideas.






     

     

    The envoy said India, being the current chairman of the G-20 countries, sought the participation of Nigeria in some meetings of the Group, especially those relating to the creative sector.

    Industry sources say Nigeria’s creative industry is yet to live up to its full potential, but has the capacity to contribute $100 billion annually by 2030, when the government and the private sector partner to create an enabling business environment.

    An investment banker, Chika Chukwuka, told The ICIR that an unorthodox financing model should be adopted to expand wealth creation for the sector.

    Available data have shown that Nigeria can have a large chunk of the $2.9 trillion creative industry market share through proper planning and development of local infrastructure through tax rebate for companies investing in the sector.

    Harrison Edeh is a journalist with the International Centre for Investigative Reporting, always determined to drive advocacy for good governance through holding public officials and businesses accountable.

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