The Federal Government of Nigeria has officially opened applications for the Creative Economy Development Fund—a newly approved initiative designed to provide sustainable financing for the country’s creative and cultural industries.

This initiative announced by the Federal Ministry of Arts, Culture, Tourism, and Creative Economy, was recently approved by the Federal Executive Council and marks a significant step toward supporting sectors like film, music, fashion, design, and the arts.

It is set to play a key role in driving innovation, creating jobs, and promoting economic diversification in Nigeria. By investing in the country’s creative ecosystem, the fund will support industries like film, music, fashion, art, publishing, gaming, and cultural tourism.

According to the Ministry, the first phase of the fund open for applications is targeting large-ticket investments of $100,000 and above, with submissions closing on May 30, 2025.

The second phase of CEDF, aimed at SMEs and MSMEs, will open on August 4, 2025. This phase will provide smaller funding amounts, offering support to smaller businesses in Nigeria’s creative industries.

The Ministry highlighted that the CEDF is designed to provide capital to creative businesses, enabling them to scale production, explore new markets, and access financing options.

The Creative Economy Development Fund aims to generate employment opportunities, particularly for youth, by supporting the expansion of enterprises within the sector. Additionally, it introduces an innovative model that allows intellectual property—such as film rights, music, and digital content—to be used as collateral for securing loans, opening up new avenues for creative businesses to access financing.

The shift toward IP-backed financing is being recognized as a pioneering strategy to unlock the untapped value of Nigeria’s rich creative assets. The Ministry emphasized that this initiative supports the federal government’s broader economic agenda, aiming to diversify away from oil and bolster Nigeria’s global cultural influence.

Nigerians with eligible large-scale projects are encouraged to submit their applications before the May 30 deadline via the CEDF portal here.

On October 23, 2024, during a Federal Executive Council meeting chaired by President Bola Tinubu, approval was granted for the creation of the Creative Economy Development Fund, aimed at pooling resources for the creative industry.

The Minister of Arts, Culture, and Creative Economy, Hannatu Musawa, revealed that the Ministry secured a $200 million commitment from Afrexim Bank to launch the Fund.