Jonathan at Silverbird at 30: $200m lifeline for entertainment industry November 7, 2010

For the first time in the history of Nigeria, a direct investment intervention has been made by the Federal Government into the entertainment industry. Announcing this lifeline yesterday at the Eko Hotel and Suites venue of the Silverbird Group 3oth anniversary, President Goodluck Jonathan disclosed that $200 million has been set aside by the finance ministry for direct investment into the Nigerian entertainment industry. Jonathan acknowledged that the Nigerian entertainment industry currently makes an annual turn over of over 250 million Dollars. He said his administration was determined to change the era when the entertainment was viewed as an informal sector and practitioners in the creative industry were exploited. The president stated that he has directed the Governor of the Central Bank of Nigeria and the Finance Minister to be at the event so that they could participate in the process that would lead to a structured intervention by government to create jobs and give hope to the people in the creative industry. Through a programme called Growth and Empowerment Pact, the president said government would encourage public private partnership in the tourism, entertainment industry to strengthen the ability of the entertainment industry to promote high growth. Jonathan’s speech followed a passionate plea from Mr. Ben Murray-Bruce asking for a presidential support for the entertainment industry. The event was spiced with musical performances by Nigerian artistes including the Sharpe Band which did a rendition tracing 25 years of Nigerian music, D ’Banj and Sound Sultan. An American Band, Party on the Moon, got a standing ovation for rendering many popular songs by American artistes.