The Federal Ministry of Art, Culture, Tourism, and Creative Economy has officially launched the Creative Economy Development Fund (CEDF), inviting eligible creatives, entrepreneurs, and organisations to apply for funding.
In a statement signed by Nneka Ikem Anibeze, Senior Special Assistant on Media and Publicity, the initiative is described as a bold step under President Bola Ahmed Tinubu’s Renewed Hope Agenda. It aims to create jobs, diversify the economy, and strengthen Nigeria’s cultural influence globally.
While flagging off the initiative, the Minister of Arts, Culture, Tourism, and Creative Economy, Hannatu Musa Musawa, said the fund is a strategic national investment designed to unlock the vast potential of Nigeria’s creative industry.
According to her, it is not merely a financial intervention, but a rallying call to creatives, entrepreneurs, and industry enablers to scale their dreams and contribute to a thriving and inclusive creative economy.
The CEDF provides tailored financial support in the form of debt, equity, and grant funding to promote innovation, scale production, expand market access, and increase the global visibility of Nigeria’s creative assets.
It also allows creators to monetise their intellectual property by unlocking the financial value of film rights, music catalogues, digital content, and other creative works.
Through this initiative, creative businesses will gain access to affordable loans and credit facilities, equity and quasi-equity investments, and grant funding for culturally impactful and innovative projects.
A unique feature of the fund is its focus on using intellectual property as a bankable asset class to secure financing.
The application process will unfold in two phases. The first phase, open until May 30, 2025, is targeting mature projects that require over $100,000.
The second phase, which begins on August 4, 2025, is tailored to support Micro, Small, and Medium Enterprises (MSMEs) and Small and Medium Enterprises (SMEs) seeking under $100,000.
Phase One applications will be reviewed from June through December 2025, with funds disbursed starting January 1, 2026. For Phase Two, disbursements will commence on April 1, 2026.
The fund is open to individuals, businesses, and institutions operating within the creative and cultural economy.
These include writers, directors, fashion designers, artists, gaming studios, tourism operators, training institutions, promoters, legal consultants, media agencies, digital platforms, and logistics firms.
Applications will be evaluated by independent professionals under the supervision of a private-sector investment committee.
Structured as an independent and professionally managed fund, the CEDF has the Ministry of Finance Incorporated (MOFI) as its anchor shareholder.
The Ministry has also called on investors and development partners to express interest in co-investment opportunities or in contributing to specific sub-funds.
