The Federal Ministry of Art, Culture, Tourism, and Creative Economy has unveiled the Creative Economy Development Fund (CEDF), a loan initiative designed to support creatives and entrepreneurs nationwide.
According to a statement released on Monday by Nneka Anibueze, the Special Adviser to Minister Hannatu Musawa, the fund is now open to applications from individuals, businesses, and organisations operating within the cultural and creative industries.
“The CEDF is a bold step towards realizing President Bola Ahmed Tinubu’s Renewed Hope Agenda, aimed at fostering job creation, economic diversification, and enhancing Nigeria’s global cultural influence,” the statement read.
Highlighting the transformative potential of the initiative, Musawa described the fund as a purposeful investment aimed at boosting Nigeria’s creative capabilities on a global scale.
“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,” the Minister said.
CEDF will offer various financial tools — including loans, equity funding, and grants — to help creative businesses grow, innovate, and access new markets. The goal is to enable them to turn intellectual property into valuable assets, including film rights, music, digital content, and more.
The initiative will support sectors such as film, fashion, publishing, music, cultural tourism, gaming, and the arts. Funding options include affordable credit, equity investments in fast-growing creative businesses, and grants for impactful cultural ventures.
As outlined in the statement, the application process will unfold in two phases: “The application process will be rolled out in phases, with the first call for proposals open till May 30, 2025, prioritizing mature projects seeking over $100,000. The second phase will open on August 4, 2025, focusing on Micro Small and Medium Enterprises MSMEs and Small and Medium Enterprises SMEs requesting under $100,000.
“Application review, project onboarding, incubation, and acceleration for Phase One will take place from June to December 2025, with the disbursement of funds starting on January 1, 2026. For Phase Two, disbursements will start on April 1, 2026.
“The fund is open to individuals, businesses, and institutions operating across the creative and cultural economy, including writers, directors, artists, fashion designers, gaming studios, cultural tourism providers, training institutions, promoters, legal consultants, media agencies, digital platforms, and logistics companies.
“Applications will be assessed by independent professionals with oversight from a private sector investment committee. The Creative Economy Development Fund is structured as an independent, professionally managed investment fund, with the Ministry of Finance Incorporated serving as the anchor shareholder. Interested investors and development partners are encouraged to reach out regarding co-investment opportunities or participation in specific sub-funds.”