Abuja, Nigeria — The Federal Ministry of Art, Culture, Tourism, and Creative Economy has unveiled the Creative Economy Development Fund (CEDF), a strategic financial initiative aimed at unlocking opportunities for creatives and entrepreneurs across Nigeria.
The announcement was made by Ms. Nneka Anibueze, Special Adviser to the Minister of Art, Culture and Creative Economy, Hannatu Musawa, in a statement released on Monday in Abuja.
Describing the fund as a critical instrument for achieving President Bola Ahmed Tinubu’s Renewed Hope Agenda, the Ministry highlighted its focus on stimulating job creation, diversifying the economy, and amplifying Nigeria’s cultural footprint globally.
“This is more than a funding initiative,” Minister Musawa emphasized. “It is a transformative platform to elevate the creative sector as a cornerstone of national growth and cultural diplomacy.”
The fund, designed to support creatives through a blend of debt, equity, and grant financing, seeks to drive innovation, boost global visibility, and strengthen enterprises in sectors such as film, music, fashion, publishing, gaming, and cultural tourism.
According to the Ministry, the CEDF provides essential capital for businesses to scale, expand market access, and leverage intellectual property assets—including film rights, music catalogues, and digital content—as financial instruments.
The initiative also includes diverse funding options such as low-interest loans, equity and quasi-equity investments in high-growth ventures, and grants for socially impactful projects. It encourages the use of IP as a bankable asset to attract financing.
The first phase of the application process is open until May 30, 2025, targeting large-scale projects seeking over $100,000. A second phase will begin on August 4, 2025, focused on MSMEs and SMEs requesting smaller funding amounts under $100,000.
Application assessments for Phase One will take place between June and December 2025, with funds scheduled for disbursement starting January 1, 2026. Phase Two disbursements will follow from April 1, 2026.
The fund is open to a wide range of stakeholders in the creative and cultural space, including content creators, artists, designers, producers, cultural tourism providers, training institutions, media firms, and legal and logistics service providers.
Managed independently with professional oversight, the CEDF is anchored by the Ministry of Finance Incorporated. An independent investment committee comprising private sector experts will oversee project selection. Development partners and investors are invited to explore co-investment and participation opportunities.
By Adeola Olaniya | May 5, 2025
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