FG Launches $200m Creative Economy Development Fund

In a quest to scale Nigeria’s creative sector and diversify the national economy, the federal government has opened applications for the Creative Economy Development Fund (CEDF)—a strategic funding vehicle aimed at unlocking access to sustainable capital for the country’s cultural and creative enterprises.

Announced by the Federal Ministry of Arts, Culture, Tourism and Creative Economy (FMACTCE), the CEDF is designed to support high-growth projects across film, music, fashion, visual arts, publishing, gaming, and cultural tourism—sectors that have historically faced challenges in securing institutional finance.

The first phase of the fund targets large-ticket investments of $100,000 and above, with applications closing on May 30, 2025. A second phase, focused on small and medium enterprises (SMEs) and micro small and medium- sized enterprises (MSMEs), will launch on August 4, 2025, broadening the fund’s reach to smaller creative enterprises across the country.

IP-Backed Financing: A First for Nigeria’s Creative Sector

The CEDF is introducing a bold innovation—intellectual property-backed financing. For the first time in Nigeria, creative entrepreneurs can present their intellectual property—such as film rights, music catalogs, digital content, and fashion designs—as collateral. This approach unlocks the financial potential of Nigeria’s rich cultural capital while modernising the country’s financial infrastructure for creatives.

“This is not just a fund; it is a foundation for long-term industry growth,” said Mrs. Hannatu Musawa, Honourable Minister of Arts, Culture and Creative Economy. “By enabling creatives to monetize their IP and scale their ideas, we’re embedding resilience and innovation into our economy.”

The $200 million fund, supported through a partnership with Afrexim Bank, will provide creative businesses with growth capital, improve access to global markets, and drive employment—particularly among Nigeria’s youth, who dominate the sector.

Approved during the Federal Executive Council (FEC) meeting chaired by President Bola Ahmed Tinubu on October 23, 2024, the CEDF aligns with the administration’s economic blueprint to shift the nation’s revenue model beyond oil by backing emerging high-value sectors.

With its structure as a special purpose vehicle (SPV), the fund signals investor confidence and encourages private sector collaboration. It also reinforces Nigeria’s aspiration to become a creative powerhouse on the global stage.

Interested applicants with large-scale creative projects can submit proposals through the official CEDF portal before the May 30 deadline.