The Federal Government has officially opened applications for the first phase of the Creative Economy Development Fund (CEDF), a major financing initiative aimed at boosting Nigeria’s creative and cultural industries.

This move follows recent approval by the Federal Executive Council (FEC) and is being led by the Federal Ministry of Arts, Culture, Tourism, and Creative Economy.

The fund is positioned as a key driver of innovation, job creation, and economic diversification.

It represents a significant national investment across Nigeria’s creative sectors, including film, music, fashion, art, publishing, gaming, and cultural tourism.

According to the Ministry, the current phase of the CEDF is focused on “large-ticket” investments starting from $100,000 and above.

Applications for this phase are open until May 30, 2025.

A second phase of the fund, targeted at SMEs and MSMEs seeking smaller funding amounts, is scheduled to begin on August 4, 2025.

The fund’s objectives include injecting capital into creative businesses to help scale production and reach new markets.

It also seeks to expand financing options for creatives who typically lack access to bank loans or investor support.

A core innovation of the fund is the introduction of intellectual property (IP)-backed financing, which allows creative assets such as film rights, music, and digital content to be used as collateral.

This model is expected to unlock the previously untapped financial value of Nigeria’s creative output.

The CEDF aligns with the federal government’s broader agenda to diversify the economy beyond oil and elevate Nigeria’s cultural presence on the global stage.

The initiative gained traction during the October 23, 2024, meeting of the Federal Executive Council, presided over by President Bola Tinubu.

At the meeting, the establishment of the fund was approved as a vehicle to pool resources for Nigeria’s creative industry.

The Ministry has also secured a $200 million commitment from Afrexim Bank to kickstart the fund.

According to the Minister of Arts, Culture and Creative Economy, the CEDF is structured as a special purpose vehicle designed to give creatives easier access to funding, using their intellectual property as a monetizable asset.

She noted that a lack of foundational structures had previously hindered the full potential of Nigeria’s creative economy.

Creative entrepreneurs with qualifying large-scale projects are encouraged to submit their applications before the May 30 deadline through the official CEDF portal.