FG rolls out creative economy development fund to boost industry

Federal Government through the Ministry of Art, Culture, Tourism and Creative Economy has rolled out Creative Economic Development Fund (CEDF) with a view to boost capacity of Entrepreneurs and Creative Organisations across the country.

To this end, the Ministry has invited eligible creatives, entrepreneurs, and organisations to apply for funding through the Creative Economy Development Fund.

The CEDF is a bold step towards realising President Bola Ahmed Tinubu’s Renewed Hope Agenda, was aimed at fostering job creation, economic diversification, and enhancing Nigeria’s global cultural influence.

Flagging off the CEDF, Minister of Arts, Culture, Tourism, and Creative Economy, Barrister Hannatu Musa Musawa described the Fund as a strategic national investment designed to unlock the vast potential of Nigeria’s creative sector, positioning it as a driver of economic growth and cultural diplomacy.

“This is not just a financial intervention. It is a call to action for creatives, entrepreneurs, and industry enablers to scale their dreams and contribute to a thriving, inclusive creative economy,” she said.

According to her, the “fund provides tailored financial support through debt, equity, and grant funding to boost promote innovation, and increase global visibility for Nigeria’s creative assets, cultural projects, and tourism-linked enterprises.

“CEDF supports creative businesses by providing capital to scale production, expand market access, and build resilience. It also allows creators to leverage intellectual property as a financial asset, unlocking the value of film rights, music catalogues, digital content, and other creative works.

“The initiative offers various funding options for creative businesses, including; Affordable loans and credit facilities for businesses across sectors such as film, music, fashion, art, publishing, gaming, and cultural tourism. Equity and quasi-equity investments in high-growth creative enterprises, Grant funding for socially impactful and innovative cultural projects and focus on leveraging intellectual property (IP) as a bankable asset class for securing financing.

“The application process will be rolled out in phases, with the first call for proposals open till May 30, 2025, prioritizing mature projects seeking over $100,000.

“The second phase will open on August 4, 2025, focusing on Micro Small and Medium Enterprises (MSMEs) and Small and Medium Enterprises (SMEs) requesting under $100,000.

“Application review, project onboarding, incubation, and acceleration for Phase One will take place from June to December 2025, with the disbursement of funds starting on January 1, 2026. For Phase Two, disbursements will start on April 1, 2026.

“The fund is open to individuals, businesses, and institutions operating across the creative and cultural economy, including writers, directors, artists, fashion designers, gaming studios, cultural tourism providers, training institutions, promoters, legal consultants, media agencies, digital platforms, and logistics companies.

“Applications will be assessed by independent professionals with oversight from a private sector investment committee. The Creative Economy Development Fund is structured as an independent, professionally managed investment fund, with the Ministry of Finance Incorporated serving as the anchor shareholder.

“Interested investors and development partners are encouraged to reach out regarding co-investment opportunities or participation in specific sub-funds.”