FG Launches Creative Economy Development Fund to Support Nigeria’s Creative Sector

The Federal Government of Nigeria has launched the Creative Economy Development Fund (CEDF), a strategic initiative designed to support the country’s growing creative sector.

Announced by the Federal Ministry of Art, Culture, Tourism, and Creative Economy, the fund aims to drive economic growth through job creation, innovation, and the promotion of Nigeria’s cultural assets.

At the unveiling of the fund, Honourable Minister Barrister Hannatu Musa Musawa described it as a transformative investment that would help unlock the full potential of Nigeria’s creative industries. “This is not just about providing financial assistance; it’s a call to action for creatives, entrepreneurs, and industry enablers to scale their dreams and contribute to an inclusive, thriving creative economy,” Musawa stated.

Key Features of the CEDF:

The fund offers tailored financial support through loans, equity, and grants to help creatives in areas such as film, music, fashion, publishing, gaming, and cultural tourism. Some of the specific goals of the fund include:

• Boosting Innovation: Supporting creative ideas that push boundaries.
• Scaling Production: Helping businesses expand their reach and impact.
• Expanding Market Access: Enabling creatives to gain access to larger markets, both locally and internationally.
• Intellectual Property (IP) Monetization: Helping creatives unlock value from assets like film rights, music catalogues, and digital content.

Funding Opportunities:

The CEDF offers several funding options, including:

• Affordable Loans: Available for businesses in creative sectors.
• Equity Investments: Targeted at high-growth creative enterprises.
• Grants: For culturally impactful, innovative projects.
• IP Collateral: Support for using intellectual property as collateral for financing.

Application Process:

The fund will roll out in two phases. Phase One, open until May 30, 2025, targets mature projects seeking funding above $100,000. Disbursement for Phase One will begin on January 1, 2026. Phase Two, opening August 4, 2025, will focus on MSMEs and SMEs seeking under $100,000, with disbursement starting April 1, 2026.

Who Can Apply:

The CEDF is open to individuals, businesses, and organizations within the creative and cultural economy, including writers, filmmakers, fashion designers, digital platforms, art studios, media agencies, and more. The applications will be reviewed by independent professionals and overseen by a private-sector-led investment committee.

This initiative comes at a crucial time as the Nigerian creative industry continues to gain international recognition. With financial support from the CEDF, stakeholders hope to see significant growth and sustainable development in Nigeria’s creative sector.