FG unveils Creative Economic Development Fund for cultural sector growth
The Federal Government has launched the Creative Economy Development Fund (CEDF) to support Nigeria’s creative and cultural industries with financial backing and business growth tools.
Minister of Arts, Culture, Tourism, and Creative Economy, Hannatu Musa Musawa, unveiled the fund on Saturday, describing it as a strategic investment to boost job creation, economic diversification, and global cultural influence under President Bola Tinubu’s Renewed Hope Agenda.
“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,” the minister said.
The CEDF offers tailored support through loans, equity, and grants to help creative businesses scale, expand market access, and build resilience. It also promotes the use of intellectual property — such as music catalogues and film rights — as financial assets.
Funding is open to individuals and businesses across film, music, fashion, publishing, gaming, cultural tourism, and more. Applicants can access affordable credit, equity investments, and grants for innovative and socially impactful projects.
The application will be rolled out in two phases: the first phase, open until May 30, 2025, targets projects seeking over $100,000, while the second phase, opening August 4, 2025, focuses on MSMEs requesting less than $100,000.
Review and onboarding for Phase One will take place from June to December 2025, with disbursement starting January 1, 2026. Phase Two disbursement begins April 1, 2026.
The fund will be managed independently with oversight from a private sector investment committee. The Ministry of Finance Incorporated is the anchor shareholder, and co-investment from development partners is encouraged.
