The Federal Government has officially launched the first phase of the Creative Economy Development Fund (CEDF), inviting applications from Nigerian creatives seeking large-scale funding to grow their projects and businesses.
Announced by the Federal Ministry of Arts, Culture, Tourism, and Creative Economy (FMACTCE), the CEDF aims to unlock sustainable financing for Nigeria’s creative and cultural industries, including film, music, fashion, publishing, gaming, visual arts, and cultural tourism.
Recently approved by the Federal Executive Council (FEC), the fund is positioned as a key driver of innovation, job creation, and economic diversification. The first phase targets large-ticket investments starting at $100,000, with the application window closing on May 30, 2025.
A second phase—focused on supporting SMEs and MSMEs with smaller funding needs—is set to open on August 4, 2025.
According to the Ministry, the CEDF will:
- Inject capital into creative businesses to help them scale and reach new markets
- Expand financing opportunities for talents typically excluded from traditional bank loans or investment networks
- Drive youth employment by backing enterprise growth in creative sectors
- Introduce a new financing model where intellectual property (IP)—such as film rights, music, and digital content—can be used as loan collateral
This innovative IP-backed funding model is seen as a groundbreaking step in leveraging Nigeria’s rich creative potential.
The fund aligns with the federal government’s broader strategy to diversify the economy beyond oil and elevate Nigeria’s global cultural footprint.
The initiative stems from a decision made during the FEC meeting on October 23, 2024, presided over by President Bola Tinubu. Following the meeting, Minister Hannatu Musawa announced that the government secured a $200 million commitment from Afrexim Bank to launch the fund. She emphasized that the CEDF will serve as a special purpose vehicle to provide access to financing using IP as a monetizable asset.
Musawa added that the government had recognized early on the need to build foundational structures to fully harness the economic potential of Nigeria’s creative sector.
Eligible Nigerians with large-scale creative projects are encouraged to apply via the official CEDF portal before the May 30, 2025 deadline.
