FG establishes Creative Economy Development Fund, Afreximbank commits $200 million
By Kunle Sanni
Federal Government has established a Creative Economy Development Fund aimed at providing financial support to creatives, with the African Export-Import Bank (Afreximbank) committing $200 million to the initiative.
Minister of Art, Culture, and the Creative Economy, Hannatu Musawa, announced the fund’s approval following the Federal Executive Council (FEC) meeting.
She explained that the fund would allow creatives to access financing by using their intellectual property (IP) as collateral. This new development is expected to provide much-needed financial backing to Nigeria’s growing creative sector, which includes arts, culture, and entertainment.
“FEC gave approval for the creation of the Creative Economy Development Fund, a special purpose vehicle that will allow members of the creative industry to have access to funding by using their IP as collateral for monetization,” Musawa stated during a briefing with State House correspondents.
She noted that the creative sector has long been hampered by the absence of fundamental structures, particularly a robust intellectual property policy.
According to the minister, the Ministry of Industry, Trade and Investment, alongside the Ministry of Justice, is working to finalize an IP policy within the next two weeks. This policy will enable creatives to better monetize their work and secure financial backing.
Musawa emphasized the broader economic impact of the initiative, stating, “This fund is designed to support the creative community, unlock its potential, and contribute to economic growth, job creation, and cultural expansion, particularly for the younger generation.”
The initiative is seen as a critical step in addressing the financial and structural barriers that have limited the growth of Nigeria’s creative industry. With Afreximbank’s $200 million commitment and more funding expected from other sources, the fund is set to drive job creation and foster a more vibrant and sustainable creative economy in the country.
