The Federal Ministry of Arts, Culture, Tourism, and Creative Economy has introduced a new initiative aimed at supporting creatives and entrepreneurs with the launch of the Creative Economy Development Fund (CEDF).
This funding program is designed to offer loan opportunities to individuals and businesses within the creative sector.
In a statement issued on Monday by Nneka Anibueze, Special Adviser to the Minister of Arts, Culture, and Creative Economy, Hannatu Musawa, the ministry urged eligible creatives, entrepreneurs, and organisations to apply for the funding available through the CEDF.
“The CEDF is a bold move in line with President Bola Ahmed Tinubu’s Renewed Hope Agenda, which aims to drive job creation, diversify the economy, and enhance Nigeria’s cultural influence globally,” the statement explained.
Minister Musawa highlighted that the fund serves as a crucial national investment, unlocking the full potential of Nigeria’s creative industries and positioning them as key drivers of both economic growth and cultural diplomacy.
“This initiative is more than just financial support; it is a call to action for creatives and entrepreneurs to take their ambitions to the next level and contribute to a flourishing and inclusive creative economy,” she emphasized.
The CEDF will offer customized financial support, including debt, equity, and grants, to foster innovation and boost Nigeria’s presence in global markets through its creative outputs, cultural ventures, and tourism-related activities.
The fund targets creative businesses by providing capital to scale operations, expand market reach, and enhance resilience. It also enables creators to turn intellectual property into a valuable financial asset, including film rights, music catalogs, digital content, and other creative works.
This initiative offers various funding options, including affordable loans and credit facilities for sectors such as film, music, fashion, art, publishing, gaming, and cultural tourism.
It also provides equity and quasi-equity investments for high-growth enterprises and grants for impactful, socially-driven cultural projects, with a strong emphasis on using intellectual property as collateral for securing financing.
“The application process will unfold in two phases. The first phase, which closes on May 30, 2025, will prioritize mature projects seeking funding over $100,000. The second phase, starting on August 4, 2025, will focus on Micro, Small, and Medium Enterprises (MSMEs) and Small and Medium Enterprises (SMEs) requesting less than $100,000,” the statement detailed.
For Phase One, the review, onboarding, incubation, and acceleration of projects will take place between June and December 2025, with funds disbursed beginning January 1, 2026. For Phase Two, disbursements will start on April 1, 2026.
The CEDF is open to individuals, businesses, and institutions operating in various sectors of the creative and cultural economy, including writers, directors, artists, fashion designers, gaming studios, cultural tourism providers, training institutions, promoters, media agencies, digital platforms, legal consultants, and logistics companies.
Applications will be reviewed by independent experts, with oversight provided by a private sector investment committee. The Creative Economy Development Fund is managed as a professionally independent investment fund, with the Ministry of Finance Incorporated acting as the primary shareholder.
Investors and development partners are invited to explore co-investment opportunities or participate in specific sub-funds related to the initiative.
