The Federal Government has officially opened applications for the first phase of the Creative Economy Development Fund (CEDF)—a landmark initiative designed to unlock sustainable financing for Nigeria’s creative and cultural industries.
Announced by the Federal Ministry of Arts, Culture, Tourism, and Creative Economy (FMACTCE), the fund follows approval by the Federal Executive Council (FEC) during its October 23, 2024 meeting, presided over by President Bola Tinubu.
The fund targets sectors including film, music, fashion, art, publishing, gaming, and cultural tourism, aiming to foster innovation, generate employment—especially for youth—and support Nigeria’s shift toward a diversified economy.
The first phase, now open, is accepting applications for large-scale investments of $100,000 and above, with submissions closing on May 30, 2025. A second phase for smaller-scale businesses and creative entrepreneurs—SMEs and MSMEs—will launch on August 4, 2025.
Key objectives of the CEDF include:
- Providing capital to help creative businesses scale and enter new markets.
- Offering financing alternatives to creatives excluded from traditional banking systems.
- Creating jobs by supporting business expansion across the creative sectors.
- Introducing IP-based lending, where intellectual property (film rights, music, digital content, etc.) can be used as collateral.
This innovative IP-backed financing model is being hailed as a breakthrough in leveraging Nigeria’s rich creative assets for economic growth.
Minister Hannatu Musawa emphasized the strategic value of the fund, revealing a $200 million commitment from Afrexim Bank to kick-start the initiative. She added that foundational infrastructure had long been missing in the sector and that the fund would serve as a special purpose vehicle to address this gap.
Eligible Nigerians with qualifying projects are encouraged to apply via the CEDF portal before the May 30 deadline.
