Hannatu Musawa, minister of art, culture, tourism, and creative economy (FMACTCE) says the federal government, through the ministry, has launched the Creative Economy Development Fund (CEDF) to ensure that creative industries thrive.
The minister made the disclosure in a statement signed by her special assistant on media and publicity, Nneka Anibeze, on Sunday in Abuja.
She said the fund was 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.
According to her, the CEDF is a bold step toward realising President Bola Tinubu’s Renewed Hope Agenda, aimed at fostering job creation, economic diversification, and enhancing Nigeria’s global cultural influence.
“The Federal Ministry of Art, Culture, Tourism, and Creative Economy invites eligible creatives, entrepreneurs, and organisations to apply for funding through the Creative Economy Development Fund.
“The Fund is 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.
“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”, she said.
Ms Musawa, emphasised that 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.
The minister said the application process will be rolled out in phases, with the first call for proposals opened till May 30, prioritising mature projects seeking over $100,000.
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