Nigeria’s creative economy is entering a new chapter — one powered not just by talent, but by capital and mentorship.
At its 20th anniversary celebration, Chocolate City Group, one of Africa’s pioneering entertainment companies, announced the launch of a $1 million Founders Fund designed to invest in and mentor Nigeria’s emerging creative startups.
The fund, officially inaugurated by Hannatu Musa Musawa, Minister of Arts, Culture, Tourism, and Creative Economy, brings together over 500 stakeholders from across music, film, and technology — signaling a powerful private-sector push toward creative industry transformation.
Bridging the Funding Gap in Africa’s Creative Economy
Nigeria’s creative sector is projected to surpass $15 billion in value by 2025, yet access to capital remains one of its greatest barriers. Many creative entrepreneurs struggle to secure loans or investments due to limited understanding of the industry’s unique business model among financial institutions.
Recognizing this gap, Chocolate City’s co-founders, Audu Maikori and Paul Okeugo, who also celebrated their 50th birthdays at the event, structured the Founders Fund as a bridge between creativity and commerce.
“Financial institutions don’t fully understand how creative businesses grow,” Maikori said. “We built Chocolate City from scratch, so we understand the struggle. This fund provides patient capital—money that grows with the business, not against it.”
The fund will offer equity financing and operational mentorship for startups in music, film, and creative technology, focusing on ventures that demonstrate sustainable business models rather than short-term hype.
More Than Money: Building Creative Infrastructure
For Okeugo, the Founders Fund isn’t just about investment—it’s about structure.
“Capital alone doesn’t build great companies,” he explained. “We’re combining funding with mentorship in rights management, contracts, and long-term brand growth. That’s how we’ve stayed independent and globally competitive.”
This hands-on model reflects Chocolate City’s own legacy of developing world-renowned artists such as M.I Abaga, Ice Prince, CKay, Blaqbonez, and Young Jonn, while maintaining strategic independence and partnerships, including one with Warner Music.
Public-Private Collaboration for Creative Growth
Minister Musawa praised the initiative as a model of private sector leadership in national development.
“Nigeria’s creative industries hold the key to economic diversification and youth employment,” she said. “What Chocolate City has done shows the leadership we need—businesses that not only succeed but reinvest in the ecosystem.”
To ensure operational transparency and efficiency, Co-Creation Hub (CcHub) — one of Africa’s most respected innovation accelerators — will serve as the fund’s implementation partner, managing applications, due diligence, and portfolio development.
CcHub’s Managing Director, Ojoma Ochai, described the collaboration as “a fusion of creative industry expertise and startup development infrastructure.”
A New Investment Thesis for Africa’s Creativity
Backing the initiative’s market rationale, Gbenga Hassan, Managing Partner at Argentil Capital Management Limited, highlighted the strong fundamentals driving Nigeria’s creative economy.
“Music streaming revenues are growing at 63% annually, Nollywood produces over 2,500 films a year, yet structured financing remains elusive. This fund fills a critical market gap where real value creation is happening without adequate financial support.”
Applications Open Soon
Applications for the Founders Fund open later this month, targeting startups and early-stage companies with demonstrated traction, viable business models, and strong potential for job creation. The selection process will prioritize sustainability, creativity, and long-term scalability—reflecting Chocolate City’s two-decade philosophy of building enduring African brands.
Reimagining Africa’s Creative Future
From a record label born in Abuja’s student halls to a global entertainment powerhouse, Chocolate City has long stood at the intersection of art, culture, and business innovation. With its new Founders Fund, it now aims to transform the next generation of creators into enterprise builders—laying the foundation for Africa’s creative self-sufficiency.
As Maikori put it:
“The future of Africa’s creative economy belongs to those who can dream boldly and build sustainably. This fund is our way of helping the next generation do both.”
