The minister made the announcement at the opening of a two-day Creative Industry Financing Conference holding in Lagos.
According to him, 20 people, each investing 50,000 dollars are expected to help make up the required amount.
The minister said so far, five people had volunteered to invest 50,000 dollars each, and expressed the optimism that more investors would come forward.
Mohammed said the Venture Capital would provide seed money for young and talented Nigerians to set up businesses in the Creative Industry.
The minister said that the conference was conceived with a view to taking the Creative Industry into a golden era of smooth access to short and long term financing.
According to him, the conference is being jointly organised by the Federal Ministry of Information and Culture and the Think Tank Media,
Mohammed said the government was according great attention to the Creative Industry because of its capacity to create one million jobs in three years, boost the economy and allow the creative talents of the youths to blossom.
The conference was declared open by the Acting President, Prof. Yemi Osinbajo, who was represented by the Minister of Finance, Mrs Kemi Adeosun.
The Minister of State, Industry, Trade and Investment, Mrs Aisha Abubakar; Minister of Information and Communication from the Republic of Niger, Hadjia Koubra Sani were present at the event.
Industry stakeholders, including Film and Music Producers, Artists, Copyright lawyers, representatives of Banks and journalists, are attending the conference.