Abuja: Hannatu Musawa, Minister of Art, Culture, Tourism, and Creative Economy, announced that the Federal Government has launched the Creative Economy Development Fund (CEDF) to support the growth of creative industries in Nigeria. The initiative, managed through her ministry, aims to position the creative sector as a key driver of economic growth and cultural diplomacy.
According to News Agency of Nigeria, the CEDF is a strategic national investment aligned with President Bola Tinubu's Renewed Hope Agenda. This agenda focuses on fostering job creation, economic diversification, and enhancing Nigeria's global cultural influence. The Federal Ministry of Art, Culture, Tourism, and Creative Economy has invited eligible creatives, entrepreneurs, and organizations to apply for funding through the CEDF. The fund is intended not only as a financial intervention but also as a call to action for industry stakeholders to scale their ventures and contribute to a thriving, inclusive creative economy.
The CEDF offers various funding options, including affordable loans and credit facilities for sectors such as film, music, fashion, art, publishing, gaming, and cultural tourism. The initiative also provides equity and quasi-equity investments in high-growth creative enterprises, grant funding for socially impactful projects, and focuses on leveraging intellectual property as a bankable asset class for securing financing.
Musawa highlighted that the fund provides tailored financial support through debt, equity, and grant funding to boost innovation and increase global visibility for Nigeria's creative assets and tourism-linked enterprises. The application process will be rolled out in phases, with the first call for proposals open until May 30, focusing on mature projects seeking over $100,000. The second phase, opening on August 4, 2025, will target Micro Small and Medium Enterprises (MSMEs) and Small and Medium Enterprises (SMEs) requesting under $100,000.
The first phase will see application review, project onboarding, incubation, and acceleration from June to December 2025, with fund disbursement starting on January 1, 2026. For phase two, disbursements will commence on April 1, 2026. The fund is open to individuals and institutions across the creative and cultural economy, including writers, directors, artists, fashion designers, gaming studios, cultural tourism providers, and more.
Musawa urged industry players seeking further information to visit CEDFnigeria.com. Applications will be assessed by independent professionals, with oversight from a private sector investment committee, and the fund will be managed independently with the Ministry of Finance Incorporated as the anchor shareholder. Additionally, interested investors and development partners are encouraged to reach out for co-investment opportunities or participation in specific sub-funds.