Chocolate City, a leading Nigerian record label, has announced the creation of a $1 million fund aimed at supporting Nigerian creatives, with plans to expand the fund annually and eventually broaden its reach to other African countries.
The initiative is designed to help boost the creative industry and economy across Nigeria and Africa. Co-founders Paul Okuego and Audu Maikori revealed in an interview with ARISE NEWS that this fund is part of the label’s way of giving back to the industry as they celebrate 20 years of operation.
Okuego reflected on the early challenges they faced when starting Chocolate City, noting that the creative industry was not seen as a lucrative or stable investment at the time. He recounted how they struggled to secure funding, often taking on jobs they didn’t want just to support the business.
The turning point came when they received a $50,000 investment from a media network in Kenya after three or four years of operation, which made a significant difference in their journey.
Maikori highlighted that 50% of the fund is dedicated to female entrepreneurs, which he believes is essential for leveling the playing field in business.
He acknowledged the challenges women face, particularly in accessing funding, and emphasized that women are the backbone of many small and medium enterprises (SMEs).
By supporting women, Chocolate City aims to empower a key segment of the economy, especially in sectors where women are active, such as small trading.
The co-founders also shared that the fund will be expanded over time, starting in Nigeria and gradually extending to other African countries.
Maikori pointed out that Nigerian culture, including its food, fashion, and lifestyle, has become a global phenomenon, and they see this as an opportunity to position the fund within the global economy.
The goal is to not just keep the initiative local but to help creatives from across the continent participate in the global market.
Regarding the focus of the fund, Maikori explained that it will target industries with high growth potential, such as food, music, content creation, and gaming/e-sports.
These sectors, he believes, offer significant opportunities for skill development and employment, particularly for young people. The creative economy, according to Maikori, holds the most promise for providing gainful employment in the near term.
Maikori further elaborated on the philosophy behind the initiative, stating that having had to overcome significant financial hurdles themselves, it’s their responsibility to make the process easier for the next generation of creatives.
By solving today’s problems, they hope to leave a legacy that allows future entrepreneurs to focus on new challenges rather than the struggles they once faced.
Okuego also praised the recent efforts of Nigeria’s Ministry of Culture and Creative Arts, led by Minister Hannatu Musawa. He expressed excitement about the ministry’s focus on the creative sector, noting that for the first time, the industry has a dedicated government ministry to support its growth.
He credited the minister and her team for their proactive approach to developing the sector and emphasized the importance of collaborating with them.
The co-founders underscored the importance of starting small and supporting young creatives at the grassroots level, even as government and industry leaders focus on larger-scale initiatives.
Their experience has shown that sometimes it’s the smaller, more targeted efforts that can have a big impact on individual creatives, helping them prepare for larger opportunities.
As part of their 20-year celebration, Chocolate City’s initiative is aimed at creating a sustainable support system for creatives in Nigeria and beyond.
By focusing on high-potential sectors and ensuring that women have equal access to resources, they hope to make a lasting contribution to the creative economy in Africa.
