The Federal Government has launched a new funding programme called the Creative Economy Development Fund (CEDF) to support people working in Nigeria’s creative sector. The fund was introduced by the Minister of Art, Culture, Tourism and Creative Economy, Hannatu Musawa, as part of the government’s plan to grow the economy and create more jobs for Nigerians.
The fund will offer different types of financial support, including loans, equity investment, and grants. According to a statement released on Monday by Nneka Anibueze, who is the Special Adviser on Media and Communications to the Minister, the funding is open to individuals, businesses, and organizations operating in creative fields such as music, film, fashion, art, gaming, writing, publishing, and cultural tourism.
The initiative is part of President Bola Ahmed Tinubu’s Renewed Hope Agenda, which focuses on creating employment, growing the non-oil economy, and promoting Nigeria’s culture on the international stage. Musawa said the fund is more than just money. She described it as a call to action for creative people and business owners to bring their ideas to life and help grow a vibrant and inclusive creative economy.
The fund will provide affordable loans and credit for creative businesses. It will also invest in high-growth creative companies through equity and quasi-equity support. There will also be grants for innovative cultural projects that have a positive impact on society.
One of the key points of the CEDF is that it will allow creatives to use their intellectual property, such as song rights, film content, or digital products, as collateral to access financing. This means things like music albums, movies, art collections, and online content can now be used to collect loans or attract investment.
The application process for the fund will be in two stages. The first stage is already open and will run until May 30, 2025. This phase is for large projects that need more than $100,000. The second phase will open on August 4, 2025, and will focus on Micro, Small, and Medium Enterprises (MSMEs and SMEs) that require under $100,000.
For projects selected in the first phase, reviews, onboarding, incubation, and business support will run from June to December 2025, and fund disbursement will begin by January 1, 2026. For those selected in the second phase, funds will be released from April 1, 2026.
The fund is open to a wide range of creatives. This includes film producers, musicians, writers, artists, fashion designers, gaming developers, tourism operators, trainers, media agencies, legal advisers, and even logistics companies that support creative businesses.
Applications will be judged by independent professionals, and the entire process will be monitored by a private-sector-led investment committee. The Ministry of Finance Incorporated (MOFI) will act as the main shareholder and manager of the fund. The government is also encouraging investors and development partners to join the fund by co-investing or supporting special areas within it.
