Chocolate City, a Nigerian Record Label, has announced a $1 million dollar fund for Nigerian creative, with plans to grow the fund every year and expand it to other nations, in order to help the creative industry and economy in Nigeria and Africa at large.
The Co-Founders of Chocolate City, Paul Okuego and Audu Maikori, who spoke in an interview with ARISE NEWS on Wednesday, said that the fund is their way to give back to the industry as the record label celebrates 20 years in the business.
Okuego said, “It’s part of our 20 year celebration, I mean, this year, we are 20 years in business as most people know. It’s been an interesting journey. We recall that when we started, there weren’t many people who were looking to invest in creative industry. In fact, it was so nascent that at the time, when you started a business in the creative industry, it was like you’re taking a big risk, it was a punt, it was like, why don’t you do something more stable like law, medicine and everything.
“So, we took a risk, and it was hard to get funding most times, and so we had to take jobs that we didn’t want to fund the business, we had to do that. We didn’t get any support until maybe three or four years into our business when we got some support from a media network, I think it was in Kenya, I don’t remember the year, but we got $50,000 at that time to help us and that really made a big difference to us at the time. So we thought what better way, sort of, to give back.”
Speaking about the fund, Maikori explained, “One thing that’s unique about the fund is that 50% is going to female entrepreneurs, and I think that’s crucial. It seems like it’s amazing, but it should be the standard, and the simple reason is that sometimes, when you’re in the market place and there’s no equality, what you do is try and level the playing field. And you know that with women, it’s a bit harder to go into business, access to funding. We’ve heard stories of women being harassed because they want to do something amazing, and we think that women are the bedrock of any nation. The truth is that SMEs are really doing a lot by women- its small traders, things like that. So, we’re dedicating 50% of that.”
“The idea is that we’re going to grow the fund over time. We’re starting off in Nigeria, we’re going to spread to Africa over the time. Because right now, our culture is a global phenomenon. It’s our food, it’s our fashion, it’s our swag. So the idea then is that we’re dealing in a global economy, so we cannot just keep it local,” he added.
Maikori then spoke on the focus of the fund, as he said, “We’re focusing mainly on food, on music, on content creation, and also gaming/e-sports. And the reason why is that these are very skillable businesses and verticals. But the other reason why is that we think that the creative economy the most promise in the short term for gainful employment for young people.”
He went on to say, “For us, our thinking is really very simple. If we had to beg, borrow, use every skill in our head to raise money to build this company today, then it’s our job, it’s our legacy to make it a little bit easier for the next generation. Let them solve their new problems, let’s solve what we can, so that’s really what our thinking is all about.”
Okuegbo then lauded the actions of the Ministry of Culture and Creative arts as he said, “This is the best time to be a creative. There are so many plans, I mean, we’ve been so excited by the work that the Minister Hannatu Musawa has done so far. She has a brilliant team.
“We’re so excited, because for the first time, we have a ministry that is dedicated to the creative industry, and we want to do our own part. Because as much as people want to do the big things, our experience has shown that the small things are also important. So, while people like them are very expert, and we trust them focus on the big things, we want to see those young people supported to begin to even prepare to take the next step.”
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