Federal Government Launches Creative Economy Development Fund to Empower Nigeria’s Cultural Industries

In a landmark move to transform Nigeria’s creative landscape, the Federal Ministry of Art, Culture, Tourism, and Creative Economy has unveiled the Creative Economy Development Fund (CEDF)—a strategic financial initiative aimed at supporting creatives, entrepreneurs, and businesses within the cultural and creative industries. This new fund aligns with President Bola Ahmed Tinubu’s Renewed Hope Agenda and seeks to drive economic diversification, job creation, and cultural exportation.

The announcement, made on Monday via a statement from Nneka Anibueze, Special Adviser to the Minister, Hannatu Musawa, outlines the CEDF as a multifaceted initiative offering loans, equity funding, and grants to qualified individuals and organizations across Nigeria’s expansive creative ecosystem.

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CEDF as a Launchpad for Cultural Innovation

According to Minister Hannatu Musawa, the fund goes beyond financial assistance—it’s a comprehensive tool designed to scale creative ventures and elevate Nigeria’s cultural footprint globally. “This is not just a financial intervention,” she said. “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 CEDF will serve as a transformative mechanism to unlock potential in key sectors such as film, fashion, music, gaming, cultural tourism, publishing, and the visual arts. It aims to help creatives convert their intellectual properties—such as scripts, recordings, digital content, and artistic concepts—into viable commercial assets. This shift from raw talent to economic value creation marks a pivotal moment in the nation’s drive to harness its rich cultural heritage.

Funding through the CEDF will be offered in multiple formats, including affordable credit facilities, equity investments in high-growth creative startups, and targeted grants to support culturally impactful ventures. This mix of financial tools is intended to support creative industry players at every stage of development—from ideation to expansion.

Structured Support in Phases: A Thoughtful Rollout Plan

The application process for the Creative Economy Development Fund will roll out in two well-defined phases to ensure strategic deployment and maximize impact.

Phase One, which is currently open and will run until May 30, 2025, targets mature and scalable creative projects requiring funding of over $100,000. These proposals will undergo detailed review and project incubation between June and December 2025, followed by the first disbursement of funds on January 1, 2026.

Phase Two will begin on August 4, 2025, and is tailored for Micro, Small, and Medium Enterprises (MSMEs) and Small and Medium Enterprises (SMEs) seeking under $100,000 in funding. Disbursements for these projects are scheduled to start on April 1, 2026.

All applications will be reviewed by a team of independent professionals, with oversight provided by a private-sector-led investment committee. This structure ensures transparency and efficiency, minimizing bureaucratic interference while maximizing impact.

Inclusive Reach and Collaborative Investment Opportunities

One of the defining features of the CEDF is its inclusivity. The fund is open to a diverse array of stakeholders in the creative economy, including writers, filmmakers, artists, fashion designers, gaming developers, cultural tourism operators, digital media platforms, training institutions, logistics providers, and legal consultants. This wide eligibility ensures that all segments of Nigeria’s dynamic creative sector can benefit from the initiative.

The CEDF is also structured as a professionally managed investment vehicle, with the Ministry of Finance Incorporated (MOFI) serving as the anchor shareholder. This governance model lends credibility and encourages participation from private investors and development partners. Interested co-investors are invited to explore opportunities within specific sub-funds, positioning the CEDF as a collaborative platform for cultural investment.

The fund’s structure reflects a strong belief in the power of public-private partnerships to drive sustainable economic transformation. By leveraging both government support and private sector expertise, the CEDF is poised to become a cornerstone of Nigeria’s emerging creative economy.

A New Chapter for Nigeria’s Cultural Future

The launch of the Creative Economy Development Fund marks a critical step in Nigeria’s commitment to nurturing creative talent and building a resilient, globally competitive cultural industry. As traditional revenue streams like oil face increasing volatility, initiatives like the CEDF demonstrate the government’s focus on economic diversification and youth empowerment through culture and innovation.

For creatives across Nigeria—from young fashion designers in Lagos to filmmakers in Kano, digital artists in Enugu, and tourism operators in Calabar—the CEDF represents more than just financial backing. It signals a new era of recognition, investment, and opportunity.