FG, World Bank, DFID aim at $150m annual entertainment output

Through Growth and Employment (GEM) project, the Federal Government in collaboration with the World Bank and the UK Department for International Development (DFID), aims to increase entertainment output by $150 million annually while creating 50,000 direct jobs and between 50,000 and 150,000 indirect jobs by September 2018, BusinessDay has gathered.

GEM is a project that is generally aimed at job creation and creating up to 460,000 jobs through five high-value sectors such as entertainment, construction and real estate, light manufacturing, ICT and hospitality and tourism, as well as other three key sectors, which include wholesale and retail, meat and leather and agro-processing.

In this project, the DFID is providing 90 million pounds as grant while the World Bank is giving $160 million as concessionary loan. Those who wish to benefit from the scheme will only have to form clusters and identify with the GEM team at the Ministry of Industry, Trade and Investment.

Workshops are being held in different locations of the country according to what they are known for. A two-day workshop on the entertainment sector was held in Lagos, while workshops on light manufacturing and hospitality (plus tourism) will be held in Ibadan and Calabar, respectively. Another workshop will also be held in Awka, Anambra State.

“Jobs are critical sources of self-preservation and self-fulfilment,’’ said Yunusa Labaran, project coordinator, GEM, while reading the permanent secretary’s speech during a workshop in Lagos, on Wednesday.

On his part, Labaran said strategic objectives of GEM include economic diversification, increase in overall competitiveness, increase in investment and sustainable increase in jobs, especially high-value jobs.

The project will invest in more efficient, secure and formalised distribution models; improve finance access, equipment and skills, and facilitate new business partnerships. It will also increase incentives to invest in better, bigger production, while creating new jobs and income opportunities.