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Cross River to benefit from FG’s $671m investment fund for creative & digital sector

To completely transition from the white collar job to save the economy of Nigeria, the Federal Government has secured a whooping $671 million investment fund for the creative and digital economy sector.

This was disclosed by Mr Fegho Umunubo, Special Assistant to the President (Office of the Vice President) on Digital and Creative Economy, during a Digital and Creative Economy Stakeholder’s Roundtable Discussion held in Calabar on Friday, 28th June 2024.

Cross River to benefit from FG's $671m investment fund for creative & digital sector
Mr Fegho Umunubo, Special Assistant to the President (Office of the Vice President) on Digital and Creative Economy

Umunubo who said Cross River State will benefit from the fund, also noted that, “Every state will benefit from the $671 million investment fund.”

Adding, “I’m hoping Cross River State will also benefit from the fund in terms of access to finance, infrastructure and training.”

The SA to the President said the fund will ensure the industry is strengthened at the State level to eradicate the idea of japa (relocating abroad).

Cross River to benefit from FG's $671m investment fund for creative & digital sector
Mr Fegho Umunubo, Special Assistant to the President (Office of the Vice President) on Digital and Creative Economy (Right); Mr Great Ogban, Director General of the Cross River State Microfinance and Enterprise Development Agency (MEDA) (Left); Dr Justin Beshel, Commissioner for Science And Technology (2nd Left)

“There was a time when people moved from Calabar for instance to Lagos and now to abroad because they don’t have the necessary working tools and market. However, we want you to stay here and improve the economy instead of japa.

“The last time I was here, I mentioned to the Governor that it won’t be my last in Calabar and today, I am here and it won’t be my last as well – I’ll try my best in helping the state grow in the digital and creative economy,” he said.

Umunubo said the digital and creative economy is where every single sub-sector is important, stressing that, “What is obtainable in Lagos is different from what is obtainable in Kano, Enugu, Cross River – we’ve been walking State to State to drive development across board.

“We’ve supported over 7 comedy shows, including Alibaba and Seyi Law. If there are comedy shows in Calabar and you want us to support, please reach out to us.

“We wanted to understand the industry, we used the film sector and we were able to give N1.5 million to them. For the second badge, it is for everyone – comedy, drama, film, music, etc.

“We need to start thinking about the business of creatives. A lot of creatives don’t think about the business aspect. Another thing we have to focus on is infrastructure.”

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Fegho also disclosed that they are building a digital platform that will enable creatives based in Cross River to sell their work anywhere in the country and world.

Cross River to benefit from FG's $671m investment fund for creative & digital sector
Mr Great Ogban, Director General of the Cross River State Microfinance and Enterprise Development Agency (MEDA)

On his part, Mr Great Ogban, Director General of the Cross River State Microfinance and Enterprise Development Agency (MEDA), said the roundtable is to discuss the challenges facing the sector.

“We are committed to ensuring that the Governor, His Excellency, Senator (Prince) Bassey Edet Otu’s passion for the digital and creative sector come to fruition.

“We are looking at the jobs that will be created, economic growth and the people effect.

“Our job at MEDA is to teach you the marketing aspect of your job. It is to give that guy who has talent the ability to market his/her skills.

“We are launching the Cross River State Entrepreneurship Board with registration of N10,000, to convert talents into business.”

Cross River to benefit from FG's $671m investment fund for creative & digital sector

CONVERSEER reports that to be a beneficiary of the $671 million investment fund, you will need to register at the MEDA office located at Prof. Eyo Eta House, Marian, Calabar.

SA Umunubo also facilitated free Corporate Affairs Commission (CAC) business registration for the first 50 creatives who will go to the MEDA office by Monday, 1st July 2024.

Dr Justin Beshel, Commissioner for Science And Technology; and Jacob Kingsley Ekpe, SA on Creative Art to Governor Otu, were part of the roundtable discussion.

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Frank Ulom
Frank Ulom
Frank Ulom is an experienced Journalist, Blogger and Writer with several years of experience. His stories are based on community development and have brought positive change across board.

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