The Federal Government of Nigeria has introduced a new funding initiative aimed at empowering creatives and entrepreneurs across the country.
According to The PUNCH, the Creative Economy Development Fund is designed to provide accessible financial support to individuals and organizations operating within Nigeria’s burgeoning creative industry.
The announcement was made on Monday by the Special Adviser to the Minister of Arts, Culture and Creative Economy, Nneka Anibueze, on behalf of the Minister, Hannatu Musawa.
According to Musawa, the initiative is part of President Bola Ahmed Tinubu’s Renewed Hope Agenda and is focused on job creation, economic diversification, and promoting Nigeria’s cultural influence globally.
“This fund goes beyond financial support. It’s a strategic call to creatives, entrepreneurs, and industry enablers to transform their dreams into scalable ventures that will contribute to a vibrant, inclusive economy,” Musawa said.
The CEDF will offer a mix of debt, equity, and grant funding tailored to support innovation and drive visibility for Nigeria’s creative sectors, including film, music, fashion, publishing, gaming, and cultural tourism. It will also allow creatives to leverage intellectual property—such as film rights, music catalogues, and digital content—as valuable financial assets.
The minister emphasized that the fund aims to “unlock the vast potential of Nigeria’s creative sector,” positioning it as a key engine for economic growth and cultural diplomacy.
The application process will unfold in two phases. The first phase, which opened on May 1 and closes on May 30, 2025, targets mature projects seeking over $100,000. The second phase will begin on August 4, 2025, and will focus on Micro, Small, and Medium Enterprises applying for less than $100,000.
Project onboarding, incubation, and acceleration for Phase One will occur between June and December 2025, with disbursements beginning January 1, 2026. For Phase Two, fund disbursement is scheduled to start on April 1, 2026.
Musawa also noted that the fund will be open to a wide range of stakeholders, including writers, artists, fashion designers, digital platforms, cultural tourism operators, legal consultants, and logistics companies.
The CEDF will be managed independently, with oversight provided by a private-sector investment committee. The Ministry of Finance Incorporated will serve as the anchor shareholder, and development partners are being encouraged to explore co-investment opportunities.
“This is a long-term investment in our people, culture, and national prosperity. We are inviting visionaries to seize this opportunity to build sustainable creative enterprises that can compete on a global scale,” Musawa added.
