FG opens applications for creative economy development fund

• Published On: 04 May 2025 at 03:46

The Federal Government of Nigeria has formally accepted applications for the Creative Economy Development Fund, a recently approved program aimed at providing long-term finance for the country's creative and cultural industries.

This project, announced by the Federal Ministry of Arts, Culture, Tourism, and Creative Economy, was recently authorized by the Federal Executive Council and represents a significant step toward helping sectors such as film, music, fashion, design, and arts.

It is expected to play an important role in stimulating innovation, creating jobs, and boosting economic diversification in Nigeria. By investing in the country's creative ecosystem, the fund will help businesses such as film, music, fashion, art, publishing, gaming, and cultural tourism.

According to the Ministry, the first phase of the fund accessible for applications is aimed at large-ticket investments of $100,000 or more, with submissions ending on May 30, 2025.

The second phase of CEDF, targeting SMEs and MSMEs, will begin on August 4, 2025. This phase would provide smaller financing levels to encourage smaller enterprises in Nigeria's creative sectors.

The Ministry stated that the CEDF is intended to provide funding to creative firms, allowing them to increase production, discover new markets, and obtain finance.

The Creative Economy Development Fund strives to create job possibilities, particularly for young people, by assisting with the expansion of businesses in the field. It also provides a unique concept that permits intellectual property—such as film rights, music, and digital content—to be utilized as collateral for loans, providing new financing options for creative firms.

The transition to IP-backed financing is being hailed as a trailblazing method for unlocking the untapped value of Nigeria's vast creative resources. The Ministry stressed that this program aligns with the federal government's broader economic goal, which seeks to diversify away from oil and strengthen Nigeria's global cultural influence.

Nigerians with qualified large-scale projects are encouraged to apply before the May 30 deadline through the CEDF portal.

On October 23, 2024, President Bola Tinubu chaired a Federal Executive Council meeting that approved the foundation of the Creative Economy Development Fund, which aims to aggregate resources for the creative industry.

Hannatu Musawa, Minister of Arts, Culture, and Creative Economy, said that Afrexim Bank has committed $200 million to start the Fund.