By Joshua Olomu

Hannatu Musawa, Minister of Art, Culture, Tourism, and Creative Economy (FMACTCE), says the Federal Government, through the ministry, has launched the Creative Economy Development Fund (CEDF) to ensure that creative industries thrive.

The minister said the fund was a strategic national investment designed to unlock the vast potential of Nigeria’s creative sector, positioning it as a driver of economic growth and cultural diplomacy.

According to her, the CEDF is a bold step toward realising President Bola Tinubu’s Renewed Hope Agenda, aimed at fostering job creation, economic diversification, and enhancing Nigeria’s global cultural influence.

“The Federal Ministry of Art, Culture, Tourism, and Creative Economy invites eligible creatives, entrepreneurs, and organisations to apply for funding through the Creative Economy Development Fund.

“The fund is a strategic national investment designed to unlock the vast potential of Nigeria’s creative sector, positioning it as a driver of economic growth and cultural diplomacy.

“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.

“CEDF supports creative businesses by providing capital to scale production, expand market access and build resilience.

“It also allows creators to leverage intellectual property as a financial asset, unlocking the value of film rights, music catalogues, digital content, and other creative works.

“The initiative offers various funding options for creative businesses, including affordable loans and credit facilities for businesses across sectors such as film, music, fashion, art, publishing, gaming, and cultural tourism.

“Equity and quasi-equity investments in high-growth creative enterprises, grant funding for socially impactful and innovative cultural projects and focus on leveraging intellectual property (IP) as a bankable asset class for securing financing,” she said.

Musawa emphasised that the fund provides tailored financial support through debt, equity and grant funding to boost and promote innovation, increase global visibility for Nigeria’s creative assets, cultural projects, and tourism-linked enterprises.

The minister said the application process will be rolled out in phases, with the first call for proposals opened till May 30, prioritising mature projects seeking over $100,000.

She said 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 and fashion designers.

“Others include gaming studios, cultural tourism providers, training institutions, promoters, legal consultants, media agencies, digital platforms, and logistics companies,” she said.

The minister urged industry players seeking updates and additional information about the fund to contact CEDFnigeria.com

She said applications would be assessed by independent professionals with oversight from a private sector investment committee.

The minister added that CEDF is structured as an independent, professionally managed investment fund, with the Ministry of Finance Incorporated serving as the anchor shareholder.

She, therefore, urged interested investors and development partners to reach out to the ministry for co-investment opportunities or participation in specific sub-funds. (NAN) (www.nannews.ng)

Edited by Modupe Adeloye/Ekemini Ladejobi