The Federal Government has opened applications for the first phase of its Creative Economy Development Fund (CEDF), a game-changing initiative aimed at unlocking sustainable financing for Nigeria’s burgeoning creative and cultural industries.
The fund, which recently received approval from the Federal Executive Council (FEC), was officially announced by the Federal Ministry of Arts, Culture, Tourism, and Creative Economy (FMACTCE).
Positioned as a catalyst for innovation, job creation, and economic diversification, the Ministry noted that the CEDF marks a significant national investment in Nigeria’s creative ecosystem spanning film, music, fashion, art, publishing, gaming, and cultural tourism.
Large ticket investments
According to the Ministry, the first phase of the fund open for applications is targeting large-ticket investments of $100,000 and above, with submissions closing on May 30, 2025.
A second phase, tailored for SMEs and MSMEs seeking smaller funding amounts, is scheduled to launch on August 4, 2025.
On the fund’s objectives, the Ministry highlighted that the CEDF will:
- Provide capital injections to creative businesses to scale production and access new markets.
- Expand financing options for creatives traditionally excluded from bank loans and investor networks.
- Generate employment opportunities, especially for youth, by supporting enterprise expansion in the sector.
- Introduce an innovative model that allows intellectual property (IP)—such as film rights, music, and digital content, to be used as collateral for loans.
This move toward IP-backed financing is being hailed as a pioneering strategy to unlock the untapped value of Nigeria’s rich creative assets. The Ministry noted that this initiative aligns with the federal government’s broader economic agenda to diversify away from oil and enhance Nigeria’s global cultural influence.
Nigerians with eligible large-scale projects are encouraged to submit their applications before the May 30 deadline via the CEDF portal here.
What you should know
The Federal Executive Council meeting presided over by President Bola Tinubu on October 23, 2024, approved the establishment of the Creative Economy Development Fund to pool resources for those in the creative industry.
- Minister of Arts, Culture and Creative Economy, Hannatu Musawa, who revealed this shortly after the meeting, said the Ministry also got commitment from Afrexim Bank to the tune of $200 million to kick start the Fund.
- According to the Minister, the fund is a special purpose vehicle that will allow members within the creative economy to have access to funding and use their IP as collateral in terms of monetization.
- She said the government had identified very early on that the very basic structures needed in order for the country to really tap into the potential of the creative economy were missing.
